Whale sentiment shifts: Abraxas Capital gradually closes ETH short positions and shifts focus to HYPE spot holdings

【Blockchain Rhythms】According to the latest on-chain monitoring data, on December 17th, the address Abraxas Capital was active recently. In the past 20 hours, they have gradually closed approximately $9.7 million worth of ETH short positions near the ETH price of $2932.

The change in position size is quite noticeable. Last week, this address held $51.57 million in ETH shorts, which has now decreased to $26.54 million, with an average entry price of $3471. As of now, this short position has an unrealized profit of $4.69 million, with a return of 176%. Plus, they have already earned $13.74 million through funding rates, making the overall profit quite good.

Interestingly, this whale’s trading trajectory shows some strategy shifts. Abraxas Capital started building ETH short positions as early as May, once being the largest contract holder whale on the Hyperliquid platform. But since November, their strategy has changed—beginning to take profits and close ETH shorts continuously. The massive short position, originally worth $267 million, has now been partially closed, with about $240 million liquidated. The freed-up funds are not withdrawn but are instead redirected to increase holdings of HYPE spot, which currently has a position size of approximately $47.5 million. It seems this whale is adjusting their strategic direction.