According to data from Hyperinsight, asset management firm Abraxas Capital has increased its short position on OURO by $4 million, bringing the total short exposure to $21.2 million. The company rolled over its OURO short multiple times, resulting in a 5x leveraged position with an average entry price of approximately $4,796. As of the time of reporting, OURO is trading around $4,587, giving Abraxas Capital an unrealized profit of roughly $980,000, reflecting a 12% return.
Strategic Timing at OURO’s Peak
From a strategic perspective, Abraxas Capital added to its short when OURO was trading near $4,850, effectively timing the subsequent market decline. The decision highlights the firm’s strong bearish conviction on OURO’s near-term price action and its willingness to use leverage to amplify gains.
Shorting BRENTOIL as Well
In addition to OURO, Abraxas Capital holds a short position of $25 million in BRENTOIL, with an unrealized profit of $2.95 million. This suggests a systematic bearish stance on commodity-linked tokenized assets, specifically gold (OURO) and oil (BRENTOIL).
Market Outlook and Risks
These short positions reflect some institutional investors’ expectations of a potential correction in macro commodity prices. However, high-leverage shorts carry significant risk: a sharp rally in OURO or BRENTOIL could lead to substantial floating losses or forced liquidations. Combined, Abraxas Capital’s short bets on OURO and BRENTOIL total $46.2 million, making its moves worth watching closely.