Spot gold breaks through $4,700 to hit a new all-time high, with the "largest on-chain gold long" unrealized gains expanding to $500,000.

BlockBeats News, January 20 — According to Coinbob’s popular address monitoring, driven by the recent continuous rise in gold prices and the breakthrough of $4,700 today to hit a new all-time high, major whales on Hyperliquid who are long on PAXG (on-chain gold) have recorded significant unrealized gains. Among them, the “largest on-chain gold long” whale opened a 5x leveraged PAXG long position on January 2, with an average entry price of $4,415, a position size of approximately $7.12 million, and an unrealized profit of $500,000 (about 27%), making it the largest on-chain PAXG long position.

Additionally, the second-largest PAXG long whale, “Heavy Gold Bull,” (0x271) followed suit on January 5, opening a position with 10x leverage, going long on both PAXG and GOLD (gold mapping contract). The combined position size of both is approximately $4.7 million, with total unrealized gains of about $280,000 (50%).