HuoXing Finance reports that on April 2, according to Hyperinsight monitoring, the expectation of a ceasefire failed to materialize, causing oil prices to rise. The combined unrealized loss of two addresses belonging to Abraxas Capital, the largest oil position on Hyperliquid, has expanded to $9.7 million. These addresses aggressively rolled short positions at low levels last night and early this morning; the total size of their positions in both Brent and WTI oil has now reached $159 million, comprising: 5x BRENTOIL short positions: $102 million in size, average price ~$103; 5x WTIOIL short positions: $56.99 million in size, average price ~$98.6.
Abraxas Capital Loses Nearly $10 Million on Chain-Based Crude Oil Short Positions
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Summary
On-chain data from Hyperinsight on April 2 shows rising oil prices due to failed ceasefire expectations. Abraxas Capital, the largest crude oil position holder on Hyperliquid, now faces a $9.7 million floating loss. On-chain analysis reveals that the address held a total of $159 million in crude oil positions, including $102 million in 5x BRENTOIL short positions at $103 and $56.99 million in 5x WTIOIL short positions at $98.6.
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