Oil trader takes $17 million hit as tokenized crude rivals bitcoin liquidations

Brent crude futures on Hyperliquid recorded $46.6 million in liquidations, behind only ether and bitcoin. The single largest liquidation was a $17.17 million oil position. What to know : Tokenized Brent oil futures on the Hyperliquid exchange drove $46.6 million of about $403 million in total liquidations over 24 hours, ranking behind only ether and bitcoin. The largest single liquidation was a $17.17 million Brent oil position on Hyperliquid, marking the second time in under a month that oil led individual liquidations on a crypto venue. Liquidations surged after former President Donald J. Trump vowed to hit Iran "extremely hard," sparking a sharp jump in Brent crude and broad losses for traders who were long crypto and short oil.