The whale is taking profits while keeping a base position; this operation is textbook level.

Coin World News, the main address of Abraxas Capital reduced its ETH short position by 724.29 units, approximately $1.15M, with the current position size at $4.5245 million, an average price of $2,196.53, a current profit/loss of $1.7695 million (+391.09%), a current coin price of $1,579.00, and a liquidation price of $4,943.73. The address has been building positions since May, was once the largest contract capital whale on HyperLiquid, began taking profits consistently in November, and its position size once reached $920 million.