Abraxas Capital Closes Massive XPL Position, Realizes Over $12 Million Profit as XPL Holdings Decline on Hyperliquid

According to HyperInsight monitoring, COINOTAG News reports that in the last ~16 hours two Abraxas Capital wallets (0x5b5, 0xb83) trimmed a substantial XPL exposure, exiting more than 54 million tokens. Paper gains had briefly exceeded $14 million on a near-1,000% basis; current realizations top $12 million, leaving open exposure of roughly $0.74 million.

This month has seen 22 short positions managed by these addresses closed to lock in profits. Compared with November 3, total holdings declined from about $760 million to roughly $270 million.

Liquidity movements show withdrawals surpassing $30 million from Hyperliquid to alternative venues, with these addresses previously among the largest balances on the platform before the exits.

Notable shifts in the major short book since month start include ETH exposure sliding from $267 million to $138 million, BTC from $280 million to $21.69 million, and HYPE from $97.4 million to $89.3 million.