Abraxas is adding more BTC short positions again. The main address just increased its BTC short position by 34.11 BTC, approximately $2.11 million, bringing its total open interest to over $39 million. The average entry price has slightly adjusted from $62,889 to $62,897; current unrealized loss is around $97,000 (-1.25%), with the current price at $63,055 and the liquidation price still near $117,000—plenty of room left. This address began accumulating large short positions back in May and was previously one of the largest funding rate whales on Hyperliquid, with peak holdings reaching $920 million. After consistently taking profits since November, it’s now adding back in—quite interesting. In my view, this kind of institutional activity seems more like systematic hedging or portfolio management rather than simply betting on direction. By combining spot holdings with short futures contracts to achieve delta neutrality, they profit from the shorts when the market drops (offsetting spot losses) and rely on spot gains when the market rises. What’s visible on the public order book is merely the tip of the iceberg; the full strategy likely operates off-chain or across other exchanges. As a seasoned trader, seeing positions of this scale reminds me: derivatives are something institutions can withstand volatility and dynamically adjust—most of us cannot. I’ve been burned before; now I believe “understanding is more important than copying trades.” Also worth mentioning: I’ve recently been looking into Dusk. The DuskEVM testnet has just launched, supporting Solidity and Hardhat out of the box, while integrating privacy and compliance. Institutions truly need infrastructure that allows them to go on-chain without fully exposing their full positions and strategies on public order books. Hyperliquid’s transparent perpetuals are great—but precisely because they’re so transparent, large players’ true intentions are often fully exposed. Dusk takes a different path: providing privacy for regulated financial activities while enabling RWA and compliant settlements. I believe this direction is worth ongoing observation. Data provided for reference only; not investment advice. Markets are always more complex than we imagine. @DuskFoundation #DUSK dusk-network:native