Abraxas Capital Takes Bets on Ethereum with $32M Buy and $353M Short

Abraxas Capital has made a significant move in the Ethereum market by buying $32.39 million worth of ETH, while simultaneously holding a short position valued at approximately $353.27 million.

The purchase of 13,000 ETH was made at an average price of around $2,491 per token, which is a notable investment given the current market conditions.

The spot position has covered about 9% of Abraxas Capital's short by token amount, indicating that the firm may be hedging its bets in anticipation of potential market fluctuations.