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Whale's $15M Crude Oil Pair Trade Fails, Losing $445K on WTI Long Against Brent Short on July 27

GateNews
Commodities
According to BlockBeats and Hyperinsight monitoring on July 27, a whale (0xa314) saw its $15 million crude oil pair trade collapse after it bet long on WTI while shorting Brent crude, anticipating WTI's continued outperformance. The trader had established approximately 91,000 WTI long contracts and expanded its Brent short position to around 100,000 contracts following WTI's 16.4% surge against Brent's 13.1% gain between July 14–23. However, geopolitical risk easing reversed the rally, with both oils declining in tandem but WTI falling more steeply, invalidating the spread trade. The whale now holds 86,000 WTI longs and 90,000 Brent shorts totaling approximately $15.14 million in value, with WTI longs showing unrealized losses of $611,600 while Brent shorts posted $198,000 in unrealized gains, resulting in a cumulative loss of approximately $444,400 after accounting for realized losses and funding fees.
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