Abraxas Capital has reduced its holdings in ETH and other cryptocurrencies, realizing profits of over $245 million in the past 7 days

ChainCatcher message, according to HyperInsight monitoring, in the past half hour, two addresses marked as Abraxas Capital (0x5b5, 0x83) have reduced their ETH short positions by over 1,870 coins, with the position value correspondingly decreasing by about 7.5 million dollars.

Meanwhile, XPL shorts and PUMP shorts are also continuously reducing their positions. Additionally, monitoring shows that the total holdings of Abraxas Capital's two addresses are approximately 760 million dollars, with profits exceeding 245 million dollars realized in the past 7 days, and there is currently about 25 million dollars in unrealized gains. Their main short positions consist of: BTC approximately 260 million dollars, ETH approximately 290 million dollars, and HYPE approximately 85 million dollars.

It is noteworthy that although both addresses adopt an entirely short strategy, there are differences in specific preferences: the main address heavily bets on mainstream coins to express a bearish outlook on the overall market; while the sub-address amplifies potential gains through a diversified altcoin portfolio. Among a total of 24 positions, currently only the ETH short of the main address remains in a loss state.