On-Chain Trader Builds $36.95 Million Long Position in WTI and Brent

A single on-chain trader held about $36.95 million in long positions tied to West Texas Intermediate (WTI) and Brent crude on Oct. 20, making it the largest on-chain crude oil long at that snapshot.

The account, identified by an address beginning 0x0cc1, added a net $32.785 million across the two contracts over the preceding 24 hours. WTI accounted for $21.828 million of the increase, while Brent accounted for $10.957 million.

The WTI position was worth about $24.001 million, compared with $12.948 million for Brent. Together, the positions showed approximately $639,000 in unrealized gains. The WTI position showed a gain of about $464,000, while the Brent position showed about $176,000.

The account’s average entry prices were $98.597 for WTI and $106.2393 for Brent. At the same observation, the contracts stood at $100.54 and $107.70, respectively. The gains remained unrealized while the positions were open.

The trade shows how on-chain contracts can give traders exposure to conventional oil benchmarks alongside digital assets.