A trader known as Loracle closed a bearish oil bet early Wednesday, locking in approximately $2 million in profit as crude prices tumbled following the U.S.–Iran ceasefire.

The crypto whale had opened a $5 million short position in oil perpetual futures on Hyperliquid last week. As prices dropped more than 15% to below $100 per barrel, the position was unwound, securing gains, according to Arkham Intelligence.

Loracle’s total crypto holdings—including USDT, USDC and ETH—are now valued at more than $8 million.

The trade underscores how decentralized platforms are increasingly allowing crypto traders to capitalize on price movements in traditional assets. The trend reflects a broader shift reminiscent of the 2020–21 memecoin boom, when high-risk trading strategies generated outsized returns for a new class of market participants.

Ongoing geopolitical volatility has further strengthened Hyperliquid’s role as a key venue for trading tokenized traditional markets, especially during periods when conventional exchanges are closed.

Recent activity data highlights the momentum. Perpetual futures tied to West Texas Intermediate recorded $2.45 billion in trading volume over the past 24 hours, surpassing ether-linked contracts. Bitcoin continues to dominate overall volumes, while Brent Crude ranks fourth with $1.3 billion in turnover.