A certain institution has invested $62 million in increasing its holdings in HYPE on Hyperliquid, while short order hedging is going exceptionally well.

[Block Rhythm] There was a big move yesterday: two addresses marked as Abraxas Capital dumped 62 million dollars into Hyperliquid, specifically to buy HYPE Spot. However, they are not foolish either, simultaneously opening a 5x leveraged HYPE short order for hedging, which can be considered as insurance for themselves.

Today, with the market dropping, the spot positions have shrunk to about 56.4 million USD, which accounts for roughly half of the total funds in these two accounts.

Scrolling through the records is more interesting—since November, this institution has been madly closing short orders to take profits. The total position size has dropped from $760 million on November 3 to $146 million now, and in between, it has continuously withdrawn a lot of money to the on-chain wallet. It's worth noting that before closing positions, it was the largest holder on Hyperliquid.

Currently, I mainly have two short orders left: A position of 82.02 million USD in ETH, with an unrealized profit of 19.97 million ( and a return of 245% ); A position of 62.39 million USD in HYPE, with an unrealized profit of 22.59 million ( and a return of 220% ). Looking at the rhythm of these operations, it's definitely the play of an experienced trader.