Whale reduces leverage short positions and switches to PAXG, on-chain gold short positions exceed $13 million

【Blockchain Rhythm】An interesting on-chain movement has attracted attention. Starting from January 8th, a whale address (0xfc66) has been adjusting its leverage strategy. This address previously held short positions in ETH, BTC, and SOL with 20x leverage, totaling up to $45.6 million, but has recently been gradually reducing its positions and has now shrunk to $17.6 million.

What’s more notable is that this whale recently changed its strategy. It has begun heavily deploying on-chain gold (PAXG) short positions with 5x leverage, currently holding $13 million worth at an average price of $4,517, and is still building the position. As of January 13th, this address has become the largest short holder of PAXG assets.

Specifically, the main positions of this address include:

PAXG (On-chain Gold) Short: $13 million, average price $4,517, unrealized loss 1.8%

XRP Short: $13 million, average price $2.056, unrealized gain 1.5%

HYPE Short: $5.87 million, average price $24.38, unrealized gain 9.0%

In addition to crypto assets, this whale is also trading traditional stocks on Hyperliquid. It has opened 18 stock short positions, with larger positions concentrated in ORCL (Oracle), PLTR (Palantir), and AMZN (Amazon). The total stock positions on-chain amount to approximately $4 million.

Adding everything up, the total holdings of this address have reached $53.2 million. It’s clear that this whale is betting on the decline of both the crypto market and traditional stocks with a rather aggressive strategy.