BlockBeats report, March 4: According to monitoring by HyperInsight, Abraxas Capital has continuously increased its short position on xyz:GOLD (gold mapping contract) on the Hyperliquid platform since spot gold surpassed $4,700. As of now, its short position in gold has reached $30.1 million, making it the largest on-chain gold short seller.
This address has gradually increased its position over the past month, raising its average holding price from $4,786 to $5,281, with a liquidation price at $6,989 and a current unrealized profit of approximately $680,000. Over the past three days, the address deposited $7.5 million to further expand its short position. It significantly increased its position again early this morning, and within the last two hours, the address has partially taken profits.
Notably, this address also holds approximately $6.85 million worth of XAUT (Tether Gold) spot on-chain, alongside a cross-market allocation of spot and futures.
Abraxas Capital was once the largest contract whale on the Hyperliquid platform, and since November last year, it has consistently taken profits and reduced its position, lowering its total holdings from a peak of $920 million to approximately $40 million today.