Abraxas Capital Boosts Ethereum Hedge Amid Price Stagnation

Abraxas Capital has increased its spot holdings to hedge a significant Ethereum short position on Hyperliquid, totaling $353.27 million in value.

The firm purchased another 13,000 ETH worth approximately $32.39 million, according to Lookonchain, which supported its hedge against 141,180 ETH in short positions.

This move comes as Ethereum remains near $2,480 and faces resistance at the $2,500 level, causing it to trade within a narrow range of $2,400 to $2,500.

Abraxas Capital's strategy involves using spot purchases to offset potential losses if Ethereum rises, putting pressure on leveraged short positions.