Abraxas Capital has increased its Ethereum (ETH) short position, now totaling $38.2 million, with an average entry price of $3,248. The address, identified as 0x5b5, has accumulated approximately 566 ETH, valued at about $1.75 million, at a price of $3,107. Additionally, the address holds significant short positions in HYPE, valued at approximately $31.64 million, with a floating profit of $22.9 million. The cumulative profits from these short positions have reached $39.26 million, primarily through funding rate settlements. Abraxas Capital began building its ETH short position in May and was previously the largest whale on Hyperliquid by contract capital size. Since November, the address has been consistently taking profits, having closed nearly $240 million of its initial $267 million position.