Today, the crypto market is rebounding against the trend, with a macro hedge whale holding long positions in gold and silver while shorting crypto, losing $500,000 in a day.

On March 3, data from HyperInsight shows a whale with the address starting with 0x7c9 incurred two-way losses in its risk-hedging portfolio, withdrawing over $500,000 in funds. As of now, the account’s net value stands at roughly $1.88 million, while its total position size remains elevated at $14.07 million. Previously, the whale held a large long position (~$8 million) in GOLD (Gold Mapping Contract) and SILVR (Silver Mapping Contract), paired with a $6 million “short basket” covering 102 cryptocurrencies—including mainstream assets like BTC and ETH, plus a range of altcoins—in an attempt to hedge extreme risks via arbitrage. However, market trends that day diverged completely from the whale’s projected trajectory: precious metals plunged, while the crypto market staged a partial recovery. Both long and short positions came under simultaneous pressure, erasing all prior gains entirely.