Due to the international oil price drop, the 27.8 million barrels short position of the "Abraxas Capital" oil major has turned from a loss to a profit

On March 18th, **HyperInsight monitoring** (via https://t.me/HyperInsight) reported that international oil prices declined—WTI crude oil plunged over 3% intraday, while Brent crude dropped more than 2%. Subsequently, the CL (WTI crude oil) contract on the **Hyperliquid** platform (link: https://app.hyperliquid.xyz/join/NTOD) fell below the $93 mark, currently trading at $92.4. This latest drop has turned the positions of the largest on-chain oil bear, **Abraxas Capital**, from loss to profit. The firm has been gradually building its position since the night of March 16th, continuing to add to it through last night, with a total position size of $27.8 million. Details are as follows: - **Abraxas Capital’s main address (0x5b5):** 10x-leveraged CL short position, $13.5 million, average entry price $93.1, unrealized gains $120,000. - **Abraxas Capital’s sub-address (0xb83):** 10x-leveraged CL short position, $14.3 million, average entry price $93.3, unrealized gains $170,000.