- Crude oil futures plummeted roughly 14.5% on Monday after reports of a potential coordinated 300-400 million barrel release from the G7 nations’ strategic reserves.
- Bitcoin (BTC) rebounded to nearly $68,000, recovering from a drop during the initial oil price spike, data shows.
- The weekend trading volume for oil-linked contracts on Hyperliquid’s Tradexyz interface hit a new record of nearly $720 million as traders sought round-the-clock commodity exposure.
Oil prices reversed sharply early Monday following reports that G7 finance ministers would discuss an emergency release from strategic reserves to counter war-driven supply shocks.
Consequently, crude oil futures on Hyperliquid plunged from a high near $117 to about $100 as traders priced in the potential policy response.
Meanwhile, Bitcoin’s price rebounded after an earlier decline, climbing roughly 3.45% to $67,992.88. This recovery occurred even as CryptoQuant analyst Darkfost said higher oil prices could hurt risk appetite.
He noted that “historically, periods when oil prices regain strength often coincide with BTC end-of-cycle phases.”
The event further highlighted demand for on-chain markets when traditional exchanges are closed. Data shows Tradexyz on Hyperliquid saw record weekend volume of nearly $720 million.
Pine Analytics said these surges demonstrate the platform absorbs traditional asset demand during off-hours.
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