Gold Surges 2.3% Intraday, Retraces to $4650 Three Times; Prominent On-Chain Bear "Abraxas Capital" Sees $22 Million Short Turn into Loss

BlockBeats News, May 6, according to Hyperinsight monitoring, the price of spot gold plummeted to $4500 on May 4 and then staged a strong rebound. This morning, it surged by another 2.3%. The GOLD price on Hyperliquid is currently at $4651, marking the third retest of this level in the past 7 days.

During this rally, the well-known bearish institution on Hyperliquid, Abraxas Capital, experienced a loss from profit, with an average price of $4650 for its 5x leveraged GOLD short position. The position size is $22 million, making it the top short holder of on-chain gold.

Address: 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36