ChainCatcher report, according to Hyperinsight monitoring, the whale (0x8af) with heavy positions in three major markets partially closed its hedging positions in WTIOIL (WTI Crude) and BRENTOIL (Brent Crude) over the past hour, totaling approximately $2.1 million. Specifically, the address closed out approximately $1.05 million in WTIOIL long positions and $1.05 million in BRENTOIL short positions. Currently, the address still holds a 5x leveraged WTIOIL long position of $5 million at an average price of $96.20, and a 5x leveraged BRENTOIL short position of $6.68 million at an average price of $107.70. After this adjustment, the unrealized profit of its hedging position has narrowed to $80,000.
Whale Unwinds $2.1M WTI-Brent Oil Hedge, May Shift Exposure to WTI Weakness
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Summary
Whale activity has drawn attention as major player 0x8af unwound $2.1 million in WTI and Brent oil hedging positions within one hour, according to Hyperinsight. The whale closed $1.05 million in WTI longs and $1.05 million in Brent shorts. It still holds $5 million in 5x leveraged WTI longs at $96.2 and $6.68 million in 5x leveraged Brent shorts at $107.7. The move reduced its floating profit to $80,000, suggesting a potential shift in the risk-to-reward ratio as the whale adjusts its exposure.
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