IEA release plan failed to effectively suppress oil prices; after the news was announced, eight major whales on the chain took a long position in WTI crude oil.

CryptoWorld News reports that on March 12, according to Hyperinsight monitoring, international oil prices continued to rise. WTI crude oil increased by about 7% to $93.3 per barrel, and Brent crude oil surged over 7.4% to $98.8 per barrel. Hyperliquid’s CL (WTI crude oil) price also moved upward, currently at $92.1, with a 24-hour increase of 10%. Despite the IEA releasing strategic reserves, it failed to effectively suppress oil prices. On-chain data shows that after the news, eight out of nine whales with new CL positions worth over $1 million chose to chase the rally and go long. Meanwhile, funding rates, although narrowing, remain negative, indicating that overall capital still leans bearish. Additionally, monitoring shows that an address starting with 0x863b opened a long position yesterday at an average price of $85.3, with a current position size of about $4.32 million, and an unrealized profit of $320,000. Furthermore, after the news of G7 leaders scheduled a conference call yesterday, four whales who built positions (with average entry prices between $83 and $84) have mostly closed their positions to take profits.