After losing more than $1.55 million on a short oil position, a crypto whale has opened a new short

Oil Spike Wipes Out Whale's $7.8M Short—Then He Doubles Down

The oil rally just claimed a big victim. Lookonchain data shows that whale address 0x8Af7 got completely liquidated on its short position of 72,179 xyz:CL contracts—worth about $7.8 million—as crude prices ripped higher. Total damage: over $1.55 million gone.

But here's the twist: instead of tapping out, the whale opened another short—60,166 contracts, this time worth $6.48 million. Same bet, bigger nerve.

This whale isn't just playing with oil, though. He's also the largest holder of XYZ100 on-chain, sitting on 1,601 contracts valued at $38.52 million. So maybe he's just hedging his bets. Or maybe he really, really doesn't like oil going up.