Abraxas Capital Address Adds ETH Short Position Around $3,107, Funding Profits Reach $39.26M

On January 13, the address labeled Abraxas Capital (0x5b5) added roughly 566 ETH (approximately $1.75 million) to its ETH short positions around $3,107, expanding its position size to $38.2 million at an average entry price of $3,248, with a liquidation price of $119,000, HyperInsight data show via BlockBeats. The same address also holds HYPE short positions of roughly $31.64 million with unrealized gains of $22.9 million, and its cumulative profit from funding fee settlements has reached $39.26 million. Monitoring data further show Abraxas Capital began building ETH shorts in May, was previously the largest contract position on Hyperliquid, and has been taking profit on ETH shorts since November, cutting its position from about $267 million to having closed nearly $240 million so far.