Spot Gold Experiences Sharp Decline, Impacting On-Chain Long Positions

Spot gold experienced a sudden drop of 2% on March 19, falling below $4,750 per ounce. According to BlockBeats On-chain Detection, this decline primarily affected long positions on the blockchain. A major long whale, identified as 0x21e, faced two significant liquidations within the past half-hour, totaling 318 units, and has now exited the market completely. Additionally, the second-largest on-chain gold long position holder, address 0x773, is in a precarious situation. This address currently holds $4.69 million at an average price of $5,214, with a liquidation price set at $4,687.5. The floating loss has reached $420,000, marking a 228% loss, making it the closest to the liquidation line among addresses with holdings exceeding one million dollars.