Whale Reduction: Abraxas Capital gradually closes ETH short positions and shifts to increasing HYPE spot holdings

DAOplomacy · 2025-12-17T04:20:11+00:00

Abraxas Capital has recently accelerated the liquidation of ETH short positions, reducing the scale from $51.57 million to $26.54 million, with floating profits of $4.69 million and a return rate of 176%. The institution began its layout in May, gradually taking profits and reallocating some funds to increase holdings of HYPE spot, currently holding approximately $47.5 million, with a strategy shift that is attracting attention.

DAOplomacy

2025-12-17 04:20:11

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【CryptoWorld】According to on-chain monitoring data, an address labeled as Abraxas Capital (0x5b5) has recently started accelerating the liquidation of ETH short positions. In the past 20 hours, this short position has gradually reduced approximately 9.7 million USD worth of ETH at the price level of 2932 USD.

Updated position snapshots show that the ETH short position of this address has fallen from a peak of 51.57 million USD last week to 26.54 million USD, with an average price maintained at 3471 USD. This means unrealized profits have reached 4.69 million USD, with an implied return of up to 176%. In addition to unrealized gains, through funding rate settlements, this short position has also locked in a total profit of 13.74 million USD.

What’s more interesting is the background of this trade. Abraxas Capital has been positioning for this ETH short since May and was once the largest contract whale on the Hyperliquid platform. After entering November, this institution began to gradually take profits. Data shows that their ETH short position has decreased from a peak of 267 million USD to about 240 million USD.

The idle funds have not been sitting still. Address monitoring indicates that Abraxas Capital has redirected some of the recovered funds into increasing its HYPE spot holdings, currently around 47.5 million USD. From shorting ETH to increasing HYPE holdings, this major fund’s strategic shift is drawing market attention.

ETH-1.5%

HYPE-2.22%

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