Spot gold prices fell 2%, briefly dipping below $4,750 per ounce, triggering significant on-chain liquidations. A major whale, identified as 0x21e, faced two large liquidations totaling 318 gold tokens, valued at approximately $1.53 million, and has now fully exited its position. The second-largest on-chain gold long position, held by address 0x773, is at risk with a current position valued at $4.69 million. The average price is $5,214, with a liquidation threshold at $4,687.50. This position currently incurs a paper loss of $420,000, marking a 228% drawdown, and is the closest to liquidation among addresses with holdings exceeding $1 million.