Crude oil sees $23.68M in liquidations in an hour as longs bear the brunt

BlockBeats reported on April 17 that Coinglass data showed $23.68 million in crude oil positions were liquidated over the past hour, including just $60,000 from shorts. The impacted instruments include xyz:CL (WTI Crude Oil mapped contract) and XYZ:BRENTOIL. Crude oil ranked third worldwide for liquidations, trailing BTC and ETH, with Bitcoin liquidations at $78.23 million and Ethereum liquidations at $31.38 million. In related developments, Iran said it would open the Strait of Hormuz, triggering a brief drop of more than 9% in both U.S. crude and Brent.