Abraxas Capital Short Sells and Reduces Holdings in ETH and other cryptocurrencies; Two Addresses Have Already Made a $18 Million Profit Today

On October 16th, according to the monitoring of HyperInsight, in the past half an hour, the short positions of ETH in two addresses labeled as Abraxas Capital (0x5b5, 0x83) have been reduced by more than 1870 coins. This corresponds to a reduction in position value of approximately $7.5 million. At the same time, the short positions of XPL and PUMP are also continuously being reduced. According to the monitoring, the total holdings of the two addresses of Abraxas Capital are approximately $760 million. In the past 7 days, they have realized profits of more than $245 million and are currently holding about $25 million in unrealized gains. Their main short positions are: approximately $260 million in BTC, approximately $290 million in ETH, and approximately $85 million in HYPE. It is worth noting that although both addresses adopt a fully short strategy, there are differences in specific preferences. The main address heavily bets on mainstream coins to express a bearish view of the overall market, while the sub-address amplifies potential gains through a diversified portfolio of altcoins. Among a total of 24 positions, only the short position of ETH in the main address is currently in a loss-making position.