Abraxas Capital-Associated Address Closes $240M in ETH Shorts, Reduces Exposure by 90%

An address linked to Abraxas Capital has cut its Ethereum short exposure by about 90% since November, closing roughly $240 million in positions, according to HyperInsight data. On December 17, the 0x5b5 address closed $9.7 million in ETH shorts near $2,932, reducing remaining exposure to $26.54 million from $51.57 million. The short, opened in May at an average of $3,471, has generated about $13.74 million in realized funding fees, with proceeds shifted into roughly $47.5 million in HYPE spot holdings.