[DigitalToday reporter Yoonseo Lee (이윤서)] Tokenised crude oil has become a focal point of mass liquidations in the crypto derivatives market. Of the total $430 million liquidated over the past 24 hours, liquidations in tokenised crude oil futures traded on Hyperliquid totalled $46.6 million.

CoinGlass data cited by blockchain outlet CoinDesk on Wednesday showed liquidations by asset were $144.5 million for ether and $98.3 million for bitcoin, followed by crude oil in third place. Solana totalled $24.7 million.

The biggest liquidation on a single position also came from crude oil. A $17.17 million Hyperliquid crude oil position was recorded as the largest single liquidation across all assets. It was the second time in less than 30 days that crude oil produced the biggest single liquidation on a crypto exchange.

Hyperliquid's BRENTOIL-USDC contract traded at $107.19 and was up about 2 percent on the day. Its 24-hour trading volume stood at $977 million and open interest reached $515 million.

The spike in liquidations came immediately after a national address by U.S. President Donald Trump. In the speech, Trump said he would strike Iran "extremely hard", and crude oil rose 5 percent to above $106 a barrel. Traders who had bet on a ceasefire were shaken, with positions in crypto longs and crude oil shorts hit at the same time.

Liquidations occurred across 137,031 addresses. Long liquidations totalled $234.6 million and shorts $168.7 million. In the four hours around the speech, liquidations were $153.7 million, of which longs accounted for $130.8 million.

Hyperliquid offers 24-hour leveraged trading in macro assets such as crude oil and gold through tokenised commodity contracts. Since the war began, tokenised crude oil has ranked among the top five liquidated assets at least three times, a trend not seen before Hyperliquid listed the related contracts.

As geopolitical shocks grow, crypto derivatives markets are increasingly seeing not only traditional assets such as bitcoin and ether but also tokenised commodities emerge at the centre of liquidations. Analysts say platforms such as Hyperliquid, which offer 24-hour leveraged trading, reflect macro shocks in prices more quickly, raising the possibility that tokenised assets could emerge as a new factor that increases market volatility.