A Hyperliquid trader described as holding the largest on-chain gold short and the largest silver short reached a combined position of $43.7 million, with floating profit rising to $6.3 million. The update followed earlier tracking of Abraxas Capital beginning to close a gold short position for about $2.67 million profit on March 22. On March 23, spot gold fell below $4,350 an ounce, down nearly 4% intraday, while spot silver dropped to $65 an ounce, down more than 3%, increasing the unrealized gains on the trader’s bearish metals positions.