Ethereum (ETH) Short Whale Abraxas Capital Closes $217M in ETH Shorts, Shrinks Position to $51.57M and Moves Funds to HYPE Spot (~$53.84M)

According to HyperInsight monitoring, over the last 48 hours two Abraxas Capital addresses (0x5b5, 0xb83) have been steadily unwinding ETH shorts, totaling about $10.26 million. The net short book sits near $51.57 million, with an average entry price around $3,522 and a floating P&L of about $6.68 million (approximately 130%). Realized gains from funding-rate settlements approach $13.61 million. The unwind has progressed since early November, shrinking the position from $267 million to current levels, locking in roughly $217 million of closures.

Part of the capital redeployment has boosted the HYPE spot exposure to about $53.84 million. The pair has largely exited the 22 prior shorts, now holding only three open shorts above $200k: ETH, HYPE, and FARTCOIN. Earlier reports described them as Hyperliquid’s largest short whale, underscoring a shift toward targeted exposure.