Abraxas Capital Buys Additional $32.39 Million of Ether to Hedge Massive Short
Suehyeon Lee
Summary
- Abraxas Capital bought additional spot Ether (ETH) worth more than $32 million to hedge its Ether (ETH) short position.
- According to Lookonchain, Abraxas Capital bought an additional 13,000 ETH in the spot market, with the purchase worth about $32.39 million.
- Abraxas Capital holds a 141,180 ETH short position worth about $353.27 million on Hyperliquid and is using spot purchases to hedge against upside price risk.
Forecast Trend Report by Period
Abraxas Capital has bought additional spot Ether worth more than $32 million to hedge its short position in the token.
Lookonchain said on September 7 that Abraxas Capital recently bought another 13,000 ETH in the spot market. The purchase was worth about $32.39 million.
The buy was aimed at guarding against the risk of a price increase in Abraxas Capital's large ETH short position on Hyperliquid. The firm holds a total short position of 141,180 ETH, worth about $353.27 million.
By holding spot Ether alongside a short position, Abraxas Capital can offset part of the losses from a rise in ETH prices with gains in the value of its spot holdings.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.