Abraxas Capital completes a major unwind of ETH shorts, shifting to long positions

According to the analytics service HyperInsight, the institutional trading platform Abraxas Capital continues to significantly reduce its exposure to Ethereum. Over the past 48 hours, two fund addresses (0x5b5, 0xb83) closed short positions worth $10.26 million, as part of a broader portfolio reorientation.

As of the analysis time, the remaining short position on ETH stands at $51.57 million with an average entry price of $3,522. The current unrealized profit amounts to $6.68 million (130% return), while realized gains from funding have reached $13.61 million.

**Strategic Shift Since November**

Since early November, Abraxas Capital has been steadily reducing its short exposure to Ethereum. The position has decreased from $267 million to the current $51.57 million, representing a closure of positions totaling $217 million. This retreat from a bearish strategy is accompanied by active capital reallocation into long positions.

A significant portion of the freed resources has been redistributed into increasing spot holdings in HYPE, which are now valued at approximately $53.84 million. Additionally, of the two trading addresses, most of the previous 22 short positions have already been liquidated. Only three active short positions remain above $200,000: on ETH, HYPE, and FARTCOIN.

These addresses have previously established themselves as the most powerful whale-shorts on the Hyperliquid platform, but current movements indicate a substantial reassessment of market prospects.