Derived from Blockbeats, on December 1, two addresses linked to Abraxas Capital (0x5b5, 0xb83) deposited approximately $62 million into Hyperliquid to increase their HYPE spot position. They also used 5x leveraged HYPE short positions for hedging. Due to market declines, their current HYPE spot position is around $56.4 million, accounting for about half of the total account balance in the two addresses. Monitoring also shows that since November, the firm has been continuously closing profitable short positions across multiple tokens, reducing total holdings from $760 million on November 3 to $146 million. Withdrawals to on-chain wallets have also been observed. Before liquidation, the addresses were the largest holders on Hyperliquid. Current major short positions include ETH ($82.02 million, $19.97 million floating profit) and HYPE ($62.39 million, $22.59 million floating profit).
Abraxas Capital Allocates Half of Funds to HYPE Spot Position, Holding $56M
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