Zag net tokenized Brent oil today, the crypto markets dominated with liquidations, which is quite wild. In 24 hours, over $46 million in oil positions were liquidated on Hyperliquid, more than on Solana and close to Ethereum. The largest single liquidation was even a $17 million oil position, not even Bitcoin or Ethereum.

The cause? Trump's speech about Iran caused Brent oil to rise by 5% to over $106. For traders who were long in crypto and short in oil, that was a double blow. Of the total $403 million liquidations today, longs suffered the most: $234.6 million compared to $168.7 million in shorts.

The funny thing is, this massive liquidation in oil isn't even the first time in a month. Hyperliquid's tokenized commodities give traders 24/7 leverage access to oil, gold, and other macro-assets. This means geopolitical shocks now directly impact crypto liquidations. It's actually quite an interesting development how traditional markets and crypto are becoming more intertwined.