Abraxas Capital bought an additional 16,554 ETH worth $39.8 million over the past 12 hours, according to monitoring by Lookonchain cited by PANews on Sept. 3. At the same time, two of the firm’s hedging accounts on Hyperliquid held combined short positions of 120,178 ETH, valued at $291.4 million. A short position generally benefits from a decline in the underlying asset, meaning the reported ETH purchases coincided with substantial downside exposure in the two accounts.