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Leveraged Long "Digital Gold" Outperforms Spot Gold, Whale Goes Long on BTC to Hedge Gold Short's Unrealized Loss

2026.03.02 13:05:03

**March 2 Update** Per Coinbob Popular Address Monitor (https://t.me/Coinbob_track_CN), whale address 0x610 has again attempted to go long on BTC in the past hour as its precious metals short positions expanded. This marks the address’s third long attempt in 28 days, and the move may be a short-term risk strategy to hedge physical gold using “digital gold.” The current position totals $2 million, with an average entry price of $66,200. **Three Days Prior (Feb 26)** At 10:00 PM ET, U.S.-Iran third-round Geneva talks kicked off, with gold hovering around $5,200 per ounce. As global funds flocked to safe-haven assets, the address flipped to short GOLD (gold mapping contract). **Feb 28 Developments** News of a U.S.-Israel joint airstrike broke, triggering a short-term gold surge that incurred losses on its gold short. Later that day, the address added to its gold short and opened a new short on SILVER (silver mapping contract), doubling down on bets safe-havens would retreat. **Subsequent Action** Early the next morning, the address went long on BTC.
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