2026-03-12 03:58:26

Largest On-Chain Oil Bear Takes a Hit --- $2.7M Down as Crude Climbs🥶

Well… the market pushed back. The wallet known for holding the largest on-chain short against oil, 0x17c3c8fdbcb7d1b240ce08965e09b1fc91cba868, is now feeling the pressure as #crudeoil keeps grinding upward.
With prices rising, the trader’s position has slipped deep into the red .... about $2.7 million in unrealized losses at the moment.
And you can see the reaction happening in real time. Instead of holding the entire bet, the whale has started trimming the position, closing part of the short to slow the bleeding. Even after cutting some exposure though, the position is still massive.
Right now the wallet still holds roughly -276,960 #CL contracts short. So the bet against oil hasn’t disappeared… not even close. It’s just been dialed back a little.
The liquidation line has also moved. After the adjustment, the new liquidation price sits around $111.85 ... giving the trader a bit more room if oil keeps climbing.
WE THOUGHT , Still, it’s a pretty tense setup.

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