Data: Abraxas Capital allocates half of its funds to purchase HYPE spot, holding up to $56 million

According to ChainCatcher, monitored by HyperInsight, two addresses labeled as Abraxas Capital (0x5b5, 0xb83) transferred approximately $62 million to Hyperliquid and used it to increase their HYPE spot holdings, while also hedging with 5x leveraged HYPE short positions for protection.

Due to today's market downturn, the current HYPE spot position is about $56.4 million, accounting for roughly half of the total funds of the two addresses on Hyperliquid. Additionally, monitoring shows that since November, this institution has continuously closed short positions in multiple tokens for profit-taking. The total position size has decreased from $760 million on November 3 to $146 million, with successive withdrawals to on-chain wallets. Before closing positions, it was the largest address by position size on Hyperliquid.

Currently, its main short positions are: ETH position size of $82.02 million, with an unrealized profit of $19.97 million (245%); HYPE position size of $62.39 million, with an unrealized profit of $22.59 million (220%).