Middle East Conflict Sparks Precious Metal Sell-Off, Top On-Chain Gainer Nets $6.3M Profit from Short Position

BlockBeats News, March 23rd, according to Hyperinsight monitoring, the Middle East situation continues to be volatile, and precious metals have experienced a large-scale sell-off. Spot gold fell below $4350 per ounce in the short term, with an intraday decline of nearly 4%, marking the largest weekly decline since March 1983; spot silver simultaneously fell to $65 per ounce, with an intraday decline of over 3%.

On Hyperliquid, the "largest on-chain gold short" (0xacb) is now also the largest short address for SILVER, with a total position size of $43.7 million, and the unrealized profit has expanded to $6.3 million. This address had opened a gold short position in early February at an average price of $4972.