Do you still remember the "Crude Oil Big Air Force" that was watched by the whole internet a while ago? Address: 0x985f02b19dbc062e565c981aac5614baF2Cf501f At that time, he added 4 million USDC to Hyperliquid and continued to carry crude oil short orders, resulting in a temporary loss of about 1.87 million U on the books. Looking back now, the plot has been reversed. This address is no longer a heavy warehouse empty oil, the largest crude oil position has become xyz: CL multi order: XYZ: The excess of CL is about 1.788 million U, with an opening price of 92.196, and the current floating loss is about 65000 U XYZ: RENTOIL empty order only has about 659U left, which can be basically ignored That is to say, the most famous crude oil bear on the chain before has now withdrawn from the "short oil narrative" and even started to take WTI long orders in reverse. Why does the previous market dare to lower oil prices? Due to the easing of US Iran negotiations, traders began to believe that the conflict could cool down, the risk in the Strait of Hormuz decreased, and the war premium could be squeezed out of crude oil. But in recent days, the logic has reversed. The situation in the Middle East has escalated again, and the risk of Hormuz has returned to the table; The Red Sea and the Strait of Mandeb are also not peaceful, and shipping and tanker safety have been re priced by the market. The recent rise in oil prices is not due to a sudden improvement in demand, but rather a push back of the geopolitical risk premium. So the current situation doesn't even dare to continue with the toughest crude oil short position before. He initially carried a 35 million U level CL/Brent empty order and was watched by the market as a 'crude oil giant'; Now looking at the position, Brent's short positions are basically gone, and CL has instead become a long position. Macro trading can sometimes be so cruel. You can be bearish on demand, bearish on the economy, and think that oil prices will fall sooner or later; But as long as Hormuz and the Red Sea become risk points again, the first thing to trade oil prices is not demand, but whether there will be a supply cut. The most authentic point on the chain is: You can continue to speak logically, and the position will be voted on first. Source: AiCoin on chain smart money and AI analysis data Welcome to the AiCoin on chain smart money community, where giant whale alerts are released in real-time: https://t.me/AiCoinWhaleData Hyperliquid Smart Money Crude Oil WTI Brent Commodities AiCoin