Abraxas Capital just scooped another 13,700 $ETH ($34.24M) spot today.
Meanwhile their short book on Hyperliquid is nearing $1B — including a massive 178,532 $ETH ($437M) short.
Spot buying + mega short = classic basis trade or hedged conviction play. They're either farming funding or betting on volatility while staying delta-neutral.
Either way, size like this moves markets. Watch $ETH funding rates and perp OI closely.
Meanwhile their short book on Hyperliquid is nearing $1B — including a massive 178,532 $ETH ($437M) short.
Spot buying + mega short = classic basis trade or hedged conviction play. They're either farming funding or betting on volatility while staying delta-neutral.
Either way, size like this moves markets. Watch $ETH funding rates and perp OI closely.
