Tokenized Brent oil futures on Hyperliquid posted $46.6 million in liquidations over the past 24 hours, putting oil ahead of Solana and making it the third-largest liquidated asset in the market. CoinGlass data showed total liquidations across assets reached $403 million, with ether at $104.5 million, bitcoin at $98.3 million, and Solana at about $24.7 million.
The biggest single liquidation was not tied to bitcoin or ether. It was a $17.17 million Brent oil position on Hyperliquid. That marks the second time in less than 30 days that oil has produced the largest individual liquidation on a crypto trading venue.
Trump speech jolted oil and risk assets at the same time
The move came after Trump’s national address, in which he said Iran would be hit “extremely hard” instead of signaling the de-escalation some traders had been expecting. Brent crude jumped 5% in traditional markets to above $106. On Hyperliquid, the BRENTOIL-USDC contract changed hands at $107.19, up roughly 2% on the day.
Positions built around a ceasefire scenario were squeezed from both directions, especially trades that were long crypto and short oil. The speech reversed the optimism seen on Tuesday and fed into a broader selloff in risk assets. In the four-hour window around the address, liquidations reached $153.7 million, including $130.8 million from longs.
Open interest reached $515M as tokenized commodities gain scale
The contract’s activity level was large by crypto standards. BRENTOIL-USDC recorded $977 million in 24-hour volume and $515 million in open interest. The source noted that this open interest is larger than the full market capitalization of many mid-cap crypto tokens.
Across 137,031 liquidated traders, longs took the bigger loss at $234.6 million, compared with $168.7 million for shorts. Hyperliquid’s tokenized commodity contracts offer round-the-clock access to oil, gold, and other macro assets with crypto-native leverage. Since the war began, tokenized oil has ranked among the top five liquidated assets on at least three occasions, a pattern that did not exist before these contracts were listed on Hyperliquid.