Affected by the continuous rise in spot silver prices, the largest short position in on-chain silver recently reduced holdings by $4.4 million.

BlockBeats News, February 28 — According to Hyperinsight monitoring, the spot silver price has continued to rise this month, briefly surpassing $94 overnight and into this morning. Influenced by this trend, the whale address (0x8af) that has been shorting silver since January 28 has seen its unrealized losses expand to $1.28 million, an 85% loss.

Currently, this address still holds a short position in SILVER (Silver Mapping Contract) worth approximately $10.47 million, with an average entry price of $83.1, and a liquidation price of $105, making it the largest on-chain silver short position.

It is reported that after opening the position last month, the address experienced significant unrealized gains. However, as the market recently turned upward and the position shifted from profit to loss, it has begun gradually reducing its holdings. In the past five days, it has closed approximately $4.4 million worth of positions.