Latest market data as of January 21 shows that international gold prices continue to strengthen, reaching a new all-time high today by surpassing the $4,890 per ounce mark. This rally has directly boosted trading activity in on-chain financial derivatives, especially leveraged trading of PAXG (on-chain gold) on the Hyperliquid platform.

According to on-chain address monitoring data, a whale labeled as the "largest on-chain gold long" has benefited significantly from this surge. In the past few hours, this major holder took profit and closed some of their 5x leveraged PAXG long positions, locking in approximately $330,000 in profits in one go. After closing these positions, their PAXG long holdings decreased from $7.3 million to $3.58 million, with an average entry price of $4,415. Even after reducing their position, they still hold about $350,000 in unrealized gains, with a profit rate of 36%, maintaining their position as the largest on-chain PAXG long.

This whale's portfolio is quite diversified. Besides the main PAXG position, they also have other leveraged contracts on Hyperliquid: a 10x leveraged XYZ100 (a Nasdaq 100 index mapping contract) with a position size of approximately $14.8 million, currently with an unrealized loss of $290,000 at an average price of $25,530; they also hold a 10x leveraged COPPER (copper futures mapping contract) position of about $5.84 million, with an unrealized loss of $46,000 at an average price of $5.887. It appears that this trader is using profits from gold to hedge risks in other commodity contracts.