A major on-chain silver short position has been significantly reduced as the spot price of silver continues to rise. The whale address, identified as 0x8af, has been shorting silver since January 28 and has seen its unrealized losses swell to $1.28 million, an 85% decline. The address initially held a short position of approximately $10.47 million in SILVER (Silver Mapping Contract) with an average entry price of $83.1 and a liquidation price of $105. In response to the rising silver prices, which briefly exceeded $94, the address has closed out approximately $4.4 million of its position over the past five days. This strategic reduction comes as the market trend shifted from initial gains to significant losses, prompting the largest on-chain silver short to adjust its holdings.