Abraxas Capital added 16,554 Ether over the past 12 hours. The purchase was worth $39.8 million at current prices. The firm is also maintaining a short position of 120,178 Ether through Hyperliquid, valued at $291.4 million at current prices. Abraxas Capital, a London-based digital asset firm managing over $4 billion, scooped up 16,554 ETH worth $39.8 million. At the same time, the firm holds 120,178 ETH in short positions on Hyperliquid, the decentralized perpetual futures exchange. The firm’s short exposure on the platform has frequently exceeded $700 million to $900 million in gross positions across ETH, Bitcoin, and Solana, with ETH shorts ranging between $120 million and $194 million depending on the day. Earlier in August, Abraxas withdrew 73,872 ETH from Binance over a four-day stretch, worth approximately $173 million. The firm collects ETH at spot prices while using short positions to earn funding rates and hedge against downside risk. The market pays short positions when long traders pay a premium, allowing accumulation of the underlying asset and yield generation. On August 29, Abraxas posted a $21 million profit in a single 24-hour window from a portfolio containing $472 million in short positions, or roughly 4.4% return. Total short exposure has at times ballooned to between $598 million and $783 million across all assets on Hyperliquid. On-chain analysts track Abraxas’s wallets closely, and the firm ranks among the platform’s top traders by volume. Hyperliquid operates on its own Layer-1 blockchain and serves as the go-to venue for on-chain perpetual futures trading. Its native token HYPE attracts attention due to volume generated by institutional players like Abraxas. The firm accumulates spot ETH while maintaining large short positions. This allows profits if ETH drops via the shorts, appreciation if ETH rises via the spot holdings, and yield from funding rates regardless of direction. A sudden ETH rally generates unrealized losses on the shorts that require careful management, even if the spot book partially offsets the pain. Abraxas has faced unrealized losses during volatile stretches, though cumulative profits have remained positive.