Whale Abraxas Capital Adds More ETH Shorts: Position Size Surpasses $38 Million, Funding Rate Has Earned $39.26 Million

【Crypto World】According to on-chain monitoring data, the address marked as Abraxas Capital (0x5b5) has recently taken new actions. This whale continued to increase its ETH short positions around January 13, adding approximately 566 ETH at a price level near $3,107 (worth about $1.75 million).

Currently, the total size of this address’s ETH short positions has expanded to $38.2 million, with an average price of $3,248, and a liquidation price as high as $119,000. It’s clear that this whale has a very confident outlook on ETH’s future market. In addition to ETH shorts, Abraxas Capital also holds about $31.64 million worth of HYPE short positions on Hyperliquid, with floating gains reaching $22.9 million.

More interestingly, this address has already earned $39.26 million through funding rate settlements — indicating continuous harvesting of longs’ fees during the short position holding period. Looking back, this address started building ETH shorts as early as May and was once the largest participant in Hyperliquid’s contract funding. Since November, Abraxas Capital has gradually closed positions, reducing its original ETH short scale of about $267 million to the current level, with nearly $240 million in total closed positions, making it a case of winning while running.