The Middle East conflict triggered a sell-off in precious metals, with the biggest winner on the blockchain recording a floating profit of $6.3 million from short.

According to Mars Finance, on March 23, Hyperinsight monitoring showed that the ongoing turmoil in the Middle East led to a large-scale sell-off in precious metals. Spot gold briefly fell below $4,350 per ounce, a nearly 4% drop on the day, marking its largest weekly decline since March 1983; spot silver also fell to $65 per ounce, a drop of over 3% on the day. The address listed as the "largest on-chain gold short" (0xacb) on Hyperliquid is now also the largest short address for SILVER (silver), with a total position of $43.7 million and unrealized profits of $6.3 million. This address opened a short position in gold in early February at an average price of $4,972.