Abraxas Capital Executes Consecutive Profit-Taking, Significantly Reduces HYPE Short Position

Abraxas Capital Takes Profit on HYPE Shorts

On February 3, data from Hyperinsight showed that the main address of Abraxas Capital executed two profit-taking operations on its HYPE short position within an hour, reducing approximately 76,300 HYPE tokens valued at around $2.64 million.

The first reduction occurred at 16:57, with 40,244.18 HYPE tokens (worth about $1.25 million) sold off. Then at 17:57, another 36,024.52 HYPE tokens (valued at approximately $1.39 million) were reduced. As a result, the total value of its short position dropped from $5.73 million to $4.34 million, realizing a floating gain of about $1.29 million.

Long-Term Strategy and Gradual Adjustment

Abraxas Capital started building its HYPE short positions in May and became one of the largest whales on the Hyperliquid platform at its peak. However, since November, the address has been gradually closing its positions, significantly reducing the total value from a high of $920 million.