Abraxas Capital Adds $32M in ETH to Hedge $353M Short Position

Abraxas Capital, a London-based fund managing over $4 billion, has acquired 13,000 ETH worth approximately $32.39 million in the spot market to hedge its short position on Hyperliquid.

The firm's Hyperliquid short now stands at 141,180 ETH, valued near $353.27 million at current prices. Abraxas is maintaining both legs of the trade, with the spot purchases designed to mitigate potential losses if the short goes against it.

This hedging behavior suggests that Abraxas' position is not necessarily bearish on Ethereum, but rather a market-neutral strategy aiming to earn the spread between the two legs. The firm's August short position of $783 million Hyperliquid has grown, with the hedge increasing in tandem.