Abraxas Capital Closes ETH Short Positions, Realizes $13.74M Profit as Ethereum Exposure Shifts to $47.5M in HYPE Holdings

COINOTAG News, December 17, according to HyperInsight monitoring, reports that an address identified as Abraxas Capital (0x5b5) has been steadily unwinding ETH short exposure.

In the last 20 hours, the entity has closed roughly $9.7 million of ETH shorts at an average level of about $2,932, shrinking total short notional from $51.57 million to around $26.54 million.

Key metrics show an average entry price of $3,471, an unrealized profit near $4.69 million (≈176%), and realized gains of $13.74 million through funding-rate settlements. The position was opened in May, and the address has been a notable whale in Hyperliquid‘s contract funding pool.

Since November, the same address has consistently booked profits on its ETH shorts. Peak exposure reached roughly $267 million, with about $240 million closed to date; a portion of the proceeds has been used to bolster HYPE spot holdings, now around $47.5 million.