Abraxas Capital has recently taken a large bearish position on Hyperliquid, with its short exposure reaching about $783 million, according to on-chain tracker Lookonchain. At the same time, the firm has been hedging that position through spot purchases rather than leaving the trade unbalanced. Lookonchain’s monitoring data also shows that over the past four days, Abraxas Capital withdrew 73,872 ETH from Binance. Based on the figures cited in the report, those holdings were worth about $173 million at the time. The activity points to a sizable directional short paired with spot accumulation as a hedge, all within a short time window.
Abraxas Capital has recently built a major short position on Hyperliquid worth about $783 million, according to Lookonchain.
At the same time, the firm has been using spot purchases as a hedge. Over the past four days, Abraxas Capital withdrew 73,872 ETH from Binance, with the tokens valued at about $173 million based on the figures in the report.
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