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 $1.75 million, at a price of $3,107. The liquidation price for this position is set at $119,000. In addition to its ETH shorts, Abraxas Capital holds short positions in HYPE worth $31.64 million, with a floating profit of $22.9 million. Overall, the address has generated $39.26 million in profits from funding rate settlements. Since May, Abraxas Capital has been actively managing its ETH short positions, previously holding a position size of $267 million and closing nearly $240 million in positions since November.