Whales bet on oil price rise despite recent drop

Large-scale investors are taking long positions on crude oil even as its price falls below $85, Onchain Lens reported. A whale address starting with 0x547 opened a 20x leveraged long position on crude oil (CL) worth $8.95 million. Another address, starting with 0x7f5, deposited $5 million in USDC before opening a 1x leveraged long position on crude oil. Additionally, an address beginning with 0x0e0 established a 7x leveraged long position on crude oil valued at $3.5 million. This same address also holds a total of $14.5 million in 5x leveraged short positions on BTC and ETH.