Leveraged Long "Digital Gold" Outperforms Spot Gold, Whale Goes Long on BTC to Hedge Gold Short's Unrealized Loss
BlockBeats News, March 2nd, according to Coinbob Popular Address Monitor, in the past 1 hour, the whale address 0x610, as the short position in precious metals expanded, the address once again began to attempt to long BTC. The long positions opened in the past 1 hour mark its third attempt to long after 28 days, and this operation may be a short-term risk strategy to hedge physical gold with "digital gold." The current position size is $2 million, with an average price of $66,200.
Let's rewind time three days ago. At 22:00 on February 26th, the U.S.-Iran Geneva third-round negotiations started, and gold hovered around $5200/ounce. When global funds rushed to buy safe-haven assets, the address reversed to open a short position in GOLD (gold mapping contract).
On February 28th, news of a U.S.-Israel joint airstrike emerged, causing a short-term surge in gold prices, leading to losses in its short position. On the same day, the address added to its gold short position and opened a new short position in SILVER (silver mapping contract), continuing to bet on a retreat of safe-haven assets. The following day, in the early morning, the address opened a long position in BTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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