Abraxas Capital Holds $56.4M in HYPE Spot, Half of Hyperliquid Allocation

Two addresses linked to Abraxas Capital (0x5b5, 0xb83) transferred approximately $62 million to Hyperliquid on November 30 to increase HYPE spot holdings while hedging with 5x leveraged short positions, HyperInsight data show. As of December 1, the HYPE spot position stands at approximately $56.4 million, representing about half of the combined account balance across both addresses on Hyperliquid. The entity has been closing profitable short positions across multiple tokens since November, reducing total position size from $760 million on November 3 to $146 million, with partial withdrawals to on-chain wallets. Current major short positions include ETH at $82.02 million with $19.97 million unrealized profit (245%) and HYPE at $62.39 million with $22.59 million unrealized profit (220%).