According to BlockBeats, on June 26th, Hyperinsight monitoring showed that Abraxas Capital, a whale that has long profited from hedging short positions in gold by earning funding rate arbitrage, is currently shorting GOLD with 5x leverage. The initial position was approximately $3.51 million, held for 144 days and maintained at this size. During this period, the cumulative funding rate settlement has reached $359,000, equivalent to approximately 10.2% of the principal. Excluding minor adjustments, the annualized return is approximately 25.9%.

On-chain whales are generally bearish (possibly due to arbitrage and hedging positions), with a total notional short position of approximately $39.3 million, 1.56 times that of the long position ($25.2 million). Furthermore, data from non-large holders shows that funding rates are mostly positive (indicating a long-term bullish market), providing a stable source of fee income for hedging short positions.

According to BlockBeats, on June 26, Micron's Chief Business Officer, Sumit Sadana, implicitly pointed out that "certain major customers" (Apple) used their negotiating advantage to drive down prices significantly during the last industry downturn, severely weakening the company's ability to invest in production capacity and sowing the seeds for the current severe memory shortage.

Other data shows that Apple's price-cutting tactics caused suppliers such as Micron and SK Hynix to suffer huge losses in 2022 and 2023 (some with gross margins as low as -90%), while Apple profited more than $16 billion through its pricing strategy for different storage capacities of iPhones.

Interestingly, three years later, Apple has discovered its own "causality." Yesterday, Apple was forced to raise the prices of its hardware products due to soaring memory chip costs, which subsequently triggered a sharp drop in the company's stock price.