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IEA Reserve Release Plan Fails to Curb Oil Prices, On-Chain Eight Whales Go Long on WTI Crude after News Settlement

2 hours ago

March 12th — According to HyperInsight Monitoring, international oil prices keep climbing: WTI crude has risen roughly 7% to $93.3 per barrel, while Brent crude is up over 7.4% to $98.8 per barrel. Hyperliquid data shows CL (WTI crude) is moving in lockstep, currently trading at $92.1 with a 10% 24-hour gain. Despite the IEA’s release plan, it failed to put meaningful downward pressure on oil prices. On-chain data reveals that after the news broke, 8 out of 9 whales that opened new CL positions worth over $1 million opted to go long as prices climbed. Meanwhile, the funding rate has pulled back but remains in negative territory, signaling bearishness in overall market funding flows. Monitoring shows the address starting with 0x863b entered long positions at an average price of $85.3 at 8 AM yesterday; its current position size is roughly $4.32 million, with $320,000 in unrealized gains. Additionally, four whales that entered positions after news of yesterday’s G7 leaders’ conference call (with entry prices clustered between $83 and $84) have largely closed those positions to lock in profits.
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Middle East Geopolitical Escalation Drives Explosive Surge in On-Chain Crude Oil Trading Data

March 12th — OKX Ventures shared data on social media showing that escalating geopolitical tensions in the Middle East have fueled a surge in on-chain crude oil trading activity. On the Hyperliquid platform, the 24-hour trading volume of the CL-USDC perpetual contract (which tracks WTI crude oil prices) skyrocketed from a pre-conflict daily average of $21 million to between $1.2 billion and $1.99 billion. At its peak, this crude oil trading volume even outpaced Ethereum (ETH), making it the second-largest asset by volume on the network. Trading volume on centralized exchanges (CEXs) also jumped sharply. Per data from Gate.io, the 24-hour volume of its Brent crude oil (XBR) contract surged 951%, while WTI crude oil (XTI) contract volume rose nearly 397%. Capital inflows and open interest (OI) metrics indicate a massive influx of both institutional and retail funds into the market. Crude oil OI on Hyperliquid currently remains stable between $183 million and $290 million — a sig

7 minutes ago

Korean NTS Initiates Virtual Asset Transaction Tracking System Construction, Paving the Way for Taxation in 2027

South Korea’s National Tax Service (NTS) announced Thursday it is launching a tracking system for cryptocurrency investment returns, aiming to support the government’s expansionary fiscal policy and boost revenue ahead of a planned virtual asset tax set to take effect in January next year. The agency has tendered the “Integrated Virtual Asset Transaction Analysis System” on the Public Procurement Service’s (PPS) e-procurement platform, with a budget of 3 billion Korean won (roughly $2.02 million). The winning bidder will be selected and contracted this month, with system design kicking off in April, multiple rounds of testing, a trial run in November, and full launch expected by year-end. Starting in 2027, the system will collect individual virtual asset transaction data to curb tax evasion—using systematic management and analysis of large-scale transaction information, including identifying hidden income via audits. Notably, the NTS will integrate AI and machine learning t

7 minutes ago

Three Men Team Up to Steal Nearly $7 Million in Crypto Assets from SafeX Platform, Mastermind Arrested in Singapore After Laundering

**March 12 (Straits Times) — Three men conspired to steal more than $6.9 million (roughly $8.8 million Singapore dollars) in cryptocurrency from the wallet of SafeX, a crypto exchange platform.** One of the suspects, Zhang Xinghua, laundered a portion of the illicit proceeds using a cryptocurrency mixer. Prosecutors noted that without timely police intervention, Zhang would have received over $886,000 in crypto. On March 11, the 38-year-old Chinese national pleaded guilty to one count of conspiracy to commit computer misuse and one count of benefiting from criminal activity. He was sentenced to two years in prison. In February of this year, Zhang—through his wife—returned 0.890262 Bitcoin (valued at over $95,000) to the wallet address provided by DLT, the operator of SafeX. To date, the Singapore Police Force has seized or frozen approximately $2.1 million worth of cryptocurrency. Additionally, roughly $4.8 million in crypto remains unrecoverable: it is stored in private

7 minutes ago

The largest long whale in the HYPE lifted an average price of $38 for five months, with a $51 million position that may soon be liquidated.

March 12 — Per HyperInsight Monitoring, HYPE’s price continued climbing this morning, breaking above $37. The largest HYPE long position holder—a whale suspected of having insider information on HYPE’s listing—is again approaching its liquidation threshold. Its current holdings total $51.5 million, with an average entry price of $38.67. Unrealized losses have narrowed to $2 million (-19%), while its liquidation price stands at $27.55. Funding rate settlement losses to date total $1.65 million. With the position nearing breakeven, the address withdrew ~$4.5 million in deposited margin this morning. This move passively lifted its liquidation price from a lower level to $27.5. For long positions, withdrawing margin either signals an active push to raise the liquidation threshold or confidence that HYPE won’t drop below $28. The whale has held the position for nearly five months: On Oct. 23 last year—on the eve of HYPE’s Robinhood listing—it ramped up its long position significant

7 minutes ago

Current mainstream CEX, DEX funding rate displays a market-wide bearish bias.

On March 12th, Coinglass data shows Bitcoin’s volatility has narrowed over the past two days. Currently, funding rates across major centralized (CEX) and decentralized (DEX) exchanges reflect overall bearish market sentiment—Bitcoin, Ethereum, and other top tokens all have negative rates (see attached chart). **BlockBeats Note**: Funding rates are fees set by crypto exchanges to keep contract prices aligned with underlying asset prices, typically for perpetual contracts. They facilitate fund exchanges between long and short traders; the trading platform does not collect this fee. The mechanism adjusts the cost or profit of traders holding contracts to ensure contract prices stay close to underlying asset values. A 0.01% funding rate is the baseline: - Rates above 0.01% signal general bullish sentiment. - Rates below 0.005% indicate overall bearishness.

7 minutes ago

GitHub Data Leak Reveals Massive Exodus of Crypto Developers Post-2022, AI Emerges as Developers' New Destination

March 12 — Data from GitHub, the world’s largest code-hosting platform, shows the blockchain ecosystem is facing a broad developer exodus, while artificial intelligence (AI) projects are driving the platform’s growth. Since early 2025, weekly crypto-related code commits to repositories have plummeted by ~75% (from ~850,000 to 210,000), and active developers have dropped 56% to ~4,600, per analysis firm Artemis. Repositories—where devs track code, build tools, and launch new projects—are a clear barometer of software innovation trends. This contraction contrasts sharply with the broader software ecosystem’s growth. GitHub’s 2025 Octoverse report notes the platform added ~36 million developers last year, pushing total global users past 180 million, with overall code submissions up ~25% year-over-year (YoY). Most of that growth flowed into AI: GitHub now hosts over 4.3 million AI-related repositories. Over the past year, repositories importing large language model (LLM) developme

7 minutes ago

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