Abraxas Capital's short oil position on Hyperliquid generates $12 million in weekly profit.

ME News reports that, as of April 9 (UTC+8), according to data from Hyperinsight, two addresses belonging to Abraxas Capital, the largest short position holder on the Hyperliquid platform, saw a significant recovery in their unrealized gains over the week following the announcement of a ceasefire, with funds rebounding by over $12 million, turning a previous $9.7 million unrealized loss into a profit. As of publication, both addresses have continued to systematically take profits and reduce positions, maintaining an unrealized profit of $8.7 million. After this round of position reduction, the total holding value remains at $152 million, including approximately $126 million in combined short positions on Brent and WTI crude oil, and approximately $26.1 million in long positions across cryptocurrency markets. Details of the remaining crude oil short positions are as follows: BRENTOIL short (5x leverage): Position size reduced from $92 million to $78 million, average price ~$96; WTICRUDE short (5x leverage): Position size reduced from $51 million to $48.5 million, average price ~$95. Addresses: 0x5b5d51203a0f9079f8aeb098a6523a13F298C060 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36 (Source: BlockBeats)