Abraxas Capital has allocated half of its funds to purchase HYPE spot, with a position reaching $56 million.

BlockBeats News, December 1st, according to HyperInsight monitoring, two addresses labeled as Abraxas Capital (0x5b5, 0xb83) yesterday transferred approximately $62 million to Hyperliquid for HYPE spot accumulation and used it to hedge against a 5x leveraged HYPE short position for defense. Impacted by today's market downturn, the current HYPE spot position is approximately $56.4 million, accounting for about half of the total funds in the two addresses on Hyperliquid.

According to the monitoring, the institution has been consistently covering shorts, taking profits from multi-currency short positions since November. The total position size has decreased from $760 million on November 3rd to $146 million, with withdrawals to on-chain wallets, and it was once the largest holder on Hyperliquid before closing. Its main short positions currently are: ETH position size $82.02 million, unrealized gains $19.97 million (245%); HYPE position size $62.39 million, unrealized gains $22.59 million (220%).