Spot Gold Extends Decline, 'Abraxas Capital' Holds Multimillion-Dollar Short Position with $1.9M Unrealized Gain

BlockBeats News, March 20th, according to Hyperinsight monitoring, spot gold continued its decline. On Hyperliquid, the GOLD contract reached a low of $4520 this morning and is currently at $4680. The second largest on-chain gold short position held by "Abraxas Capital" (0xb83) has a floating profit of $1.93 million (22.2%).

This morning, as gold briefly rebounded above $4700, the address opportunistically took some profits, closing about $1.4 million worth of short positions. They still hold a 5x leveraged GOLD short position at a scale of $17.8 million, with an average entry price of $5187.

Reportedly, this short position significantly added to its position yesterday when the gold price was around $4850, accurately hitting the high point of this round of decline and capturing the downside potential.