Abraxas is playing this short position skillfully—building it up to 920 million by May. Now he’s taking profits while cutting longs at the same time. The way the old whale operates is worth a close look.

Gate.io News: Abraxas Capital’s main address recently reduced its long BTC position by 40.40 BTC, roughly amounting to $2.9088 million. The address’s total holdings are $11.6497 million, with an average price of $77,160.80, and the current profit and loss is -$2.9825 million (-256.02%). The current BTC price is $61,432.91, and the liquidation price is $0. Since May, the address has established large short positions. It was once the whale with the largest contract funds on HyperLiquid. Starting in November, it has continuously taken profits, with holdings that once reached $920 million.