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- Oil Frenzy on Hyperliquid Sends Trading Volume Soaring
Oil Frenzy on Hyperliquid Sends Trading Volume Soaring
Plus: đŚ Strategy keeps stacking bitcoin as corporate crypto treasuries grow, âď¸ DOJ seeks retrial for Tornado Cash developer Roman Storm.
Juan Aranovich
March 10, 2026
Hi! In todayâs edition:
đ˘ď¸ Oil becomes one of the busiest markets on Hyperliquid after geopolitical turmoil
âż Strategy buys more bitcoin as corporate crypto treasuries expand
âď¸ DOJ seeks retrial for Tornado Cash developer Roman Storm
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Oil Becomes the Hottest Trade on Hyperliquid
Crypto traders are increasingly using decentralized exchanges to bet on macro markets, and this week oil became the center of attention.
An oil linked perpetual contract on Hyperliquid, known as CL-USDC, generated more than $1.2B in trading volume over 24 hours, surpassing ether to become the platformâs second most traded market after bitcoin. Open interest climbed to about $183M as activity surged.
The spike followed a dramatic move in global energy markets. Oil futures jumped more than 30%, briefly pushing toward $120 per barrel, as escalating tensions in the Middle East raised fears about supply disruptions.
But the move did not last. After the initial surge, prices quickly pulled back into the two digit range because President Donald Trump said that the war with Iran was âalmost completely over.â
Hyperliquidâs contract tracks West Texas Intermediate crude and is structured as a perpetual future settled in USDC, allowing traders to take leveraged positions around the clock. Because it runs 24/7, the platform often becomes an early venue for price discovery when geopolitical shocks hit outside traditional market hours.
Strategy Keeps Buying Bitcoin While Corporate Crypto Treasuries Expand
Michael Saylorâs Strategy is still buying the dip.
The company raised fresh capital by issuing its STRC perpetual preferred shares, using the proceeds to purchase an estimated 1,420 bitcoin. The product, introduced in July 2025, has become a central funding tool for Strategyâs accumulation strategy. STRC pays a monthly dividend currently set around 11.5 percent annualized, with the rate adjusted to keep the share price close to its $100 par value.
The purchase follows a much larger buy last week, when Strategy acquired roughly $1.3 billion worth of bitcoin, close to 18,000 BTC. The firm now holds about 738,750 bitcoin, representing one of the largest corporate crypto treasuries in the world.
Strategy also amended its sales agreement to allow multiple agents to sell securities during pre market and after hours sessions, a move designed to speed up capital raising for future purchases.
Other treasury style buyers are emerging as well. Bitmine, chaired by Tom Lee, recently bought $120 million worth of ether, bringing its ETH holdings to roughly $9 billion, with about $6 billion already staked.
DOJ Pushes for Retrial of Tornado Cash Developer Roman Storm
U.S. prosecutors are seeking a new trial for Tornado Cash developer Roman Storm, asking a federal judge in Manhattan to schedule proceedings for October 2026. The Justice Department wants to retry Storm on money laundering and sanctions conspiracy charges after a jury last August failed to reach a verdict on those counts.
Storm was previously convicted of operating an unlicensed money transmitting business, but jurors deadlocked on the two more serious charges. If convicted on those remaining counts, he could face up to 40 years in prison.
The case centers on Tornado Cash, a crypto mixer that authorities say was used to obscure more than $1 billion in illicit funds, including activity linked to North Koreaâs Lazarus Group.
The retrial push comes amid mixed signals from Washington. A recent U.S. Treasury report acknowledged that crypto mixers can serve legitimate privacy purposes, even as regulators warn they can also be abused for illicit finance.
Storm has argued the prosecution criminalizes software development. The case is widely viewed as a major test of whether open source developers can be held responsible for how others use their code.
SEC Rules, Crypto Banks, and AI Mining
Today on Uneasy Money, the hosts break down the SECâs emerging token taxonomy, what happens if the CLARITY Act stalls, and why crypto firms like Kraken are pushing for banking charters. They also discuss the growing overlap between AI infrastructure, crypto mining, and cyber conflict.
âď¸ Bitcoinâs mined supply surpassed 20 million coins, meaning over 95% of its fixed 21 million supply now exists, while the final one million BTC will be released extremely slowly over the next century through the protocolâs halving system, with the last fractions expected around 2140.
đľ Sonic Labs, the developer behind the high-throughput Sonic blockchain, launched a native stablecoin called USSD, built using infrastructure from Frax Finance and backed by tokenized U.S. Treasury products from BlackRock, WisdomTree, and Superstate to provide stable liquidity across its network.
âď¸ South Korean courts introduced new bankruptcy guidelines that allow judges to exclude losses from cryptocurrency or stock investments when calculating repayment obligations, aiming to reduce personal bankruptcies as the country struggles with one of the worldâs highest household debt levels.
đď¸ Nasdaq partnered with Paywardâthe parent company of crypto exchange Krakenâto develop tokenized versions of public company shares, planning a 2027 launch that would represent stocks as blockchain tokens with full legal ownership, aiming to modernize shareholder voting, corporate actions, and global investor access.
đ§âđťđ Zcash Open Development Lab (ZODL), a new engineering group formed by the former core team behind the privacy cryptocurrency Zcash, raised $25 million in seed funding to continue building the protocol and expand Zodl, a mobile wallet that enables private transactions using zero-knowledge cryptography.
