PAXG's maximum long floating profit exceeds $710,000, with a $3.71 million position ready to go

Recently, gold prices rebounded to around $5,100 per ounce, and on Hyperliquid, the on-chain gold PAXG experienced a surge. The top long whale address 0xfd6, holding $3.71 million worth of PAXG positions, has seen its unrealized gains grow to $710,000, reaching a new high for this account. The trader behind this address demonstrated precise control over the gold market in previous operations, whether in terms of position size or return rate.

Gold Rebound Drives On-Chain Major Holder’s Unrealized Gains Expansion

The rise in gold prices has brought significant unrealized gains to holders. For example, the 0xfd6 account’s 5x leveraged PAXG long position currently has a return of about 96%, meaning the account has nearly doubled its unrealized gains in the short term. The total position size of this address is approximately $3.71 million, with an average cost basis of $4,126. Compared to the rebound level of $5,100 in January, there is still considerable room for upward movement. The comparison between the cost basis and the current price indicates that this whale entered the market at a very precise timing.

From an Average Price of $4,126 to a Target of $8,850: The Long Road

The trading strategy of this whale address is quite clear — as early as November 1 last year, the account placed a take-profit order at a target price of $8,850. Its PAXG long position was opened even earlier, on October 22 last year, meaning the trader has been holding this position for about five months. Currently, the account only holds on-chain gold tokens PAXG, with no other assets interfering, fully betting on gold’s rise. Based on the current price trend and the set target, this $3.71 million long position still has a considerable distance to the take-profit goal. If gold continues to rise, the unrealized gains of this account could further expand.