London-based Abraxas Capital, managing over $4 billion in digital assets, acquired 16,554 ETH worth approximately $39 million while maintaining 120,178 ETH in short positions on Hyperliquid, a decentralized perpetual futures exchange, with total short exposure ranging between $598 million and $783 million across all assets. The firm withdrew 73,872 ETH from Binance during August, worth approximately $173 million, adding to its accumulation pattern. On August 29, Abraxas posted a $21 million profit in a single 24-hour window from $472 million in short positions, representing a roughly 4.4% daily return. This dual strategy allows the firm to accumulate ETH at spot prices while generating yield from funding rates paid by long traders. The approach positions Abraxas to profit whether ETH rises or falls, with perpetual futures funding providing a steady income stream regardless of market direction.
Source: Read the original article
