PAXG long giant whale holds steady at a $3.71 million position, on-chain gold unrealized gains surpass $710,000

Recently, as gold prices rebounded to around $5,140 per ounce, the on-chain gold token PAXG on the Hyperliquid platform has experienced a surge. Among them, a seasoned on-chain gold long player with a 5x leverage PAXG position has performed remarkably, currently holding $3.71 million in assets, with unrealized profits expanding to $710,000, yielding approximately 96%.

$3.71 Million On-Chain Gold Long Holds Firm

This PAXG long position is managed by wallet address 0xfd6, which initially opened the position when gold prices were relatively low, with an average cost of $4,126 per ounce. After months of price increases, the address’s long position has continued to grow in unrealized gains and is now the largest long position on Hyperliquid. Notably, the trader had set a take-profit order earlier, targeting a profit at $8,850 per ounce.

Gains and Risks Under High Leverage Strategy

Using 5x leverage to go long on on-chain gold allows for amplified gains during price rises (currently a 96% return), but also entails higher liquidation risk. The large trader’s strategy indicates strong confidence in the medium-term upward trend of gold, leveraging tools to enhance profit potential. As gold approaches the take-profit target, this position’s final gains are expected to further expand.

New Trends in the On-Chain Gold Market

PAXG, a compliant on-chain gold token issued by Paxos, is seeing increasing trading activity on perpetual contract platforms like Hyperliquid. The large traders’ bullish positioning reflects a renewed recognition of gold’s safe-haven value, while also demonstrating that leverage trading strategies in the derivatives market are attracting more and more on-chain capital participation.