IEA's release of reserves did not effectively suppress oil prices; on-chain, 8 major whales reversed and opened long positions on WTI crude oil

Gate News reports that on March 12, according to Hyperinsight monitoring, international oil prices continued to rise. WTI crude oil (West Texas Intermediate) increased by about 7% to $93.3 per barrel, and Brent crude (European benchmark) rose over 7.4% to $98.8 per barrel. On a decentralized derivatives platform, CL (WTI crude oil) prices also moved upward, currently at $92.1, with a 24-hour increase of 10%.

Despite the IEA (International Energy Agency) releasing strategic reserves, it failed to effectively suppress oil prices. On-chain data shows that after the news, 8 out of 9 major whales holding over a million dollars in CL positions chose to chase the rally and open long positions. Meanwhile, funding rates, although narrowing, remain negative, indicating that overall market sentiment is still bearish.

Additionally, monitoring shows that an address starting with 0x863b opened a long position at an average price of $85.3 yesterday at 8 AM, with a current position size of approximately $4.32 million, and unrealized profits of $320,000. Furthermore, after the news of G7 leaders scheduled a conference call yesterday, four major whales (with average entry prices between $83 and $84) mostly closed their positions to take profits.