According to on-chain data analysis, Abraxas Capital Management currently holds a total contract Position of approximately $672 million on the HYPE trading platform. It is worth noting that all these Positions have adopted a short positions strategy. As of now, the investment institution has achieved a floating profit of approximately $95.18 million.

In its short positions, Bitcoin short positions dominate, amounting to approximately $330 million, which constitutes Abraxas's largest single position. This massive short position has sparked widespread attention in the market regarding Abraxas's subsequent investment strategy and market direction assessment.

This large-scale short positions layout may reflect Abraxas's cautious attitude towards the short-term prospects of the digital currency market, especially regarding the bearish expectations for Bitcoin price trends.