Gold Rallies 2.3% to $4,651 Today; Abraxas Capital's $22M Short Position Turns Loss

According to ChainCatcher, spot gold surged 2.3% this morning to $4,651 on Hyperliquid, marking the third time in seven days the price has revisited this level after falling to $4,500 on May 4. The rally has pushed Abraxas Capital, a prominent on-chain short seller, from profit to loss. The fund’s 5x leveraged GOLD short position, sized at $22 million with an average entry price of $4,650, is now the largest on-chain gold short holding.

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