Abraxas Capital has significantly increased its short positions in WTI and Brent crude oil, according to Hyperinsight monitoring. According to BlockBeats, over the weekend, the firm added more than $44 million to its positions across two addresses, with average prices of $102 for WTIOIL and $108 for BRENTOIL. This marks a 48% increase in short positions compared to Friday.
Following this round of additions, each address now holds over $17 million in WTIOIL shorts and over $50 million in BRENTOIL shorts, bringing the total position to $136 million. Due to the continuous rise in oil prices, these positions have shifted from profit to a combined unrealized loss of $7.2 million.