I advise the young players in the crypto world not to try to mess with oil and gold.

In crypto PvP, MM relies on capital size to coordinate calls and cut the leeks, but honestly, it’s just buy and sell buttons—Perp and spot trading scenarios. Wild traders have some money but aren’t invincible.
Market makers, hedging, and quantitative trading in oil and gold are much larger in scale, mostly involving old money. The underlying assets and derivatives are also much more complex. Oil has over a dozen types—light, heavy, sulfur-containing—divided into different regions. Downstream refineries don’t process all types, and upstream oil fields produce different grades—light oil, shale oil, etc. Derivatives include not only spot, futures, options, smuggling, shadow fleets, and blended oils, but also assets held in third-party countries that appear to have no import/export, barter deals, and muddy waters involving both black and white industries and military interests.
It’s very complicated. Spreading good or bad news is quite easy. In the past, everyone played by the rules—oil dollar framework, government regulation, buying cheap when prices were high, filling when prices dropped.
Now, with crypto tourists and various leveraged short-term funds speculating, if these old players can’t resist the temptation, lose discipline, and start manipulating the market and controlling information, oil prices could fluctuate wildly like a yo-yo, driving these tourists to the brink of mental breakdown.