According to Hyperinsight, on February 2, the main address (0x5b5d...) associated with Abraxas Capital executed a profit-taking operation on its Ethereum short position, reducing 1,348.11 ETH valued at approximately $3.01 million.
Following this move, the total value of its ETH short holdings dropped to $18.06 million, with unrealized gains reaching $7.28 million and a remarkable return of 403.03%. The average entry price stands at $3,202.42, while the liquidation price is set at $5,967.56.
This wallet is linked to the well-known hedge fund Abraxas Capital. Since May, it has been building a significant short position in ETH and was once the largest contract whale on Hyperliquid. However, since November, the fund has gradually been reducing its exposure, bringing the position size down from a peak of $920 million.