Long Bitcoin Positions Outperform Physical Gold; Whales Go Long on BTC to Hedge Losses from Gold Short Positions
BlockBeats News, March 2, according to reports, in the past hour, the whale at address 0x610 has once again started to go long on BTC as losses from short positions in precious metals have widened. The long positions opened in the past hour mark the third attempt since the 28th, possibly as a short-term risk hedging strategy using "digital gold" against physical gold. The current position size has reached $2 million, with an average price of $66,200.
Let's rewind to three days ago. At 22:00 on February 26, the third round of US-Iran-Geneva talks began, and gold hovered around the $5,200/ounce mark. As global capital flocked to safe-haven assets, this address took the opposite position and opened a short on GOLD (gold-mapped contract).
On February 28, news of a joint US-Israeli airstrike broke, causing a short-term surge in gold and resulting in floating losses for the short position. On the same day, the address increased its short position in gold and opened a new short on SILVER (silver-mapped contract), continuing to bet on a pullback in safe-haven assets. The next day, the address opened a long position in BTC in the early morning.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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