「Abraxas Capital」 has closed approximately $240 million worth of ETH short positions, marking a 90% decrease in the size of this short position compared to the previous period.

December 17th — According to HyperInsight monitoring, the Abraxas Capital-linked address (0x5b5) has been continuously closing Ethereum (ETH) short positions. Over the past 20 hours, the address has closed ~$9.7 million worth of ETH shorts at $2,932. Its short position size has dropped from $51.57 million last week to $26.54 million currently, with an average entry price of $3,471. The position holds an unrealized profit of $4.69 million (176%), while $13.74 million in realized profits have been generated via funding rate settlements. Additional context: Abraxas Capital’s ETH short positions were opened in May, and the address previously was the largest whale in Hyperliquid’s contract funding pool. Since November, the address has consistently taken profits on its ETH shorts: starting with ~$267 million in positions, it has closed ~$240 million so far, with a portion of proceeds used to boost its spot HYPE holdings. Current HYPE spot holdings total ~$47.5 million.