"On-Chain Gold Bear" Cuts Positions Amid Losses, Still Down $460K

On-Chain Gold Bear Cuts Short Positions

According to HyperInsight monitoring, on January 22, the "largest on-chain gold short" trader (address 0xfc667) executed a stop-loss and partially reduced their gold short position. Currently, the trader is shorting 2198.09 PAXG tokens with 5x leverage, worth about $10.65 million, at an average entry price of $4,634.92, resulting in a floating loss of $460,000 per token.

Hedging Strategy Revealed

Notably, the same address is also aggressively shorting a basket of altcoins, while simultaneously going long on 32.09 BTC with 20x leverage as a hedge. The account currently shows a total floating profit of $1.177 million.