Abraxas Capital splashes $62 million on Hyperliquid: How wild are the hedging strategies of big institutions?

[Coin World] Yesterday, two addresses marked as Abraxas Capital (0x5b5 and 0xb83) dumped about $62 million into Hyperliquid, all used to buy HYPE spot. However, this institution is not foolish; they opened a HYPE short order with 5x leverage for hedging.

Today, as the market dropped, their HYPE spot positions shrank to about 56.4 million dollars, accounting for nearly half of the total funds in these two address accounts.

Interestingly, from November until now, this institution has been taking profits on short orders, and multiple coins' shorts have been gradually withdrawn. The total position has dropped from 760 million dollars on November 3rd to 146 million, and they have also been continuously withdrawing to on-chain wallets. It is worth noting that before closing positions, they were the largest address in terms of holdings on Hyperliquid.

Current main short positions: ETH holding size of 82.02 million USD, floating profit of 19.97 million (yield rate of 245%); HYPE holding size of 62.39 million USD, floating profit of 22.59 million (yield rate of 220%). This operation is quite aggressive.