【Blockchain Rhythm】There is a large on-chain holder whose recent actions are indeed quite aggressive. Holding 2989.3 PAXG tokens (equivalent to $14.02 million), they directly used 5x leverage to short, with a position entry cost of $4,533 per token. As a result, they are now showing a paper loss of $477,000.
But this guy clearly isn't just shorting gold. The account also has high-leverage short positions in BTC and a bunch of altcoins, which are currently profitable, with the entire account showing an unrealized gain of $1.245 million. It seems they are betting on a decline in commodities and cryptocurrencies, but the bet on gold seems to have some issues.