Gold Prices Surge as Abraxas Capital Faces Losses

Gold prices have experienced a significant rebound since falling to $4,500 on May 4. According to ChainCatcher, the price of gold on Hyperliquid rose by 2.3% this morning, reaching $4,651, marking the third time in seven days that it has approached this level. During this price increase, the well-known short-selling firm Abraxas Capital has shifted from profit to loss. The firm holds a 5x leveraged short position on gold with an average price of $4,650, amounting to $22 million. This makes it the largest on-chain gold short position holder. The address associated with this position is 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36.