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Abraxas Capital has bought another 13,000 ETH worth about $32.4 million in the spot market while maintaining a much larger Ether short on Hyperliquid.
The purchase partially offsets a 141,180 ETH short valued at roughly $353.3 million, according to on-chain tracking by Lookonchain. Abraxas has not publicly explained the trading strategy behind the two positions.
13,000 ETH Purchase Offsets About 9% of Short
The latest spot purchase was worth $32.39 million, implying an average price near $2,491 per ETH. Measured in tokens, the 13,000 ETH position offsets just over 9% of the 141,180 ETH short.
The underlying short remains open on Hyperliquid rather than being reduced by the spot transaction. Holding ETH alongside the short creates offsetting exposure.
Gains on the spot holdings would partly counter losses on the short if Ether rises, while the reverse would apply if ETH falls.
Tracked Positions Leave Abraxas Net Short 128,180 ETH
Across the positions identified by Lookonchain, subtracting the latest 13,000 ETH spot purchase from the 141,180 ETH short leaves Abraxas net short by about 128,180 ETH.
That calculation does not include other Ether holdings, derivatives positions outside Hyperliquid or separate hedges that have not been linked to the tracked wallets.
The Hyperliquid short was worth about $353.27 million when the latest transaction was identified, more than 10 times the value of the new spot purchase.
Abraxas Previously Accumulated $477M in Ether
Abraxas Capital has previously made large Ether trades. In May 2025, wallets linked to the investment manager accumulated more than 211,000 ETH over six days, worth over $477 million at the time.
Those purchases occurred under different market conditions and do not establish the purpose of its current positioning. Ether was trading around $2,500 when the latest spot purchase was identified after recovering from an early September decline below $2,400.
Abraxas has not publicly disclosed its trading thesis, target price or timeline for reducing or closing the 141,180 ETH Hyperliquid short.
