Abraxas Capital Increases Short Positions on Gold Contracts

Abraxas Capital has significantly increased its short positions on gold contracts following a rise in spot gold prices, according to BlockBeats. The firm's sub-address on the Hyperliquid platform has expanded its short position to $30.1 million, making it the largest on-chain short position in gold. Over the past month, Abraxas Capital has gradually increased its holdings, with the average position price rising from $4,786 to $5,281, and a liquidation price set at $6,989. The current unrealized profit stands at approximately $680,000. In the last three days, the address has deposited $7.5 million to further expand its short position, with a significant increase occurring early today, followed by partial profit-taking within the last two hours. Additionally, the address holds around $6.85 million in XAUT (Tether Gold) spot, indicating a cross-market strategy between spot and contract holdings. Abraxas Capital was once the largest contract whale on the Hyperliquid platform, with its total holdings peaking at $920 million last November. Since then, the firm has been reducing its positions, bringing the total down to approximately $40 million.