Odaily Planet Daily reports, according to Lookonchain monitoring, Abraxas Capital purchased 13,000 ETH spot, worth $32.39 million, to hedge its 141,180 ETH short position on Hyperliquid, valued at $353 million.
Abraxas Capital purchases 13,000 ETH to hedge a $353 million short position on Hyperliquid ETH
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Summary
Abraxas Capital implemented a capital protection strategy by purchasing 13,000 ETH, worth $32.39 million, to hedge a $353 million ETH short position on Hyperliquid. The short position amounts to 141,180 ETH. This trade enhances the firm’s risk-to-reward profile ahead of potential market volatility.
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