Trump's speech sparks $403M in market liquidations across crypto and oil
A national address by President Donald Trump triggered sharp market movements on Thursday. Within hours, crypto and commodity traders faced heavy losses as prices swung violently. The sudden shift led to over $403 million in liquidations across multiple assets.
Tokenized Brent oil futures were among the hardest hit, with a single trade wiping out $17.17 million—the largest loss recorded this week. Traditional oil markets also reacted, pushing Brent crude above $106 per barrel after a 5% surge. The volatility began shortly after Trump's speech, which prompted a rapid reversal in market sentiment. Crypto positions bore the brunt of the sell-off, with Ether suffering $104.5 million in liquidations—the highest among digital assets. Bitcoin followed closely, recording $98.3 million in wiped-out trades.
Tokenized oil contracts saw extreme activity during the four-hour window. Long positions dominated the losses, accounting for $130.8 million of the $153.7 million liquidated in that period. The BRENTOIL-USDC contract, trading at $107.19, processed $977 million in volume over 24 hours. Open interest in the same contract peaked at $515 million, reflecting heightened trader engagement.
The surge in oil-related liquidations aligns with broader market trends. Since October 13, 2023, tokenized Brent oil futures have climbed over 75%, driven by geopolitical tensions in the Middle East and energy supply disruptions. These factors have repeatedly influenced central bank policies and investor behaviour. Oil has now appeared in the top five liquidated assets at least three times since the recent conflict escalated.
Despite the chaos, the $17.17 million Brent oil liquidation remains the single largest wipeout this week. The incident underscores the growing intersection between traditional commodity markets and crypto-based derivatives. The fallout from Trump's address left traders with steep losses across crypto and oil markets. Ether and Bitcoin led digital asset liquidations, while tokenized oil contracts faced some of the most severe single-trade wipeouts. With Brent crude holding above $106 and open interest near record levels, further volatility appears likely in the coming days.
