Abraxas Capital purchased 13,000 ETH worth $32.39 million to hedge its 141,180 ETH short positions valued at $353.27 million on Hyperliquid. This hedging strategy is designed to protect against liquidation risk if ETH price rises. Ethereum is currently trading around $2,480, facing stubborn resistance at $2,500. The Exchange Supply Ratio (ESR) has been declining, indicating that excess supply has been absorbed and potentially setting the stage for a breakout, with $2,800 as a target. Over the past 24 hours, $7.3 million worth of short positions were liquidated.
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