Abraxas Capital has significantly reduced its holdings on Hyperliquid, liquidating over 54 million XPL tokens within 16 hours and securing more than $12 million in profits. This move is part of a broader strategy that has seen the firm close all 22 of its short positions since early November, decreasing its total holdings from $760 million to $270 million. The liquidation also involved substantial reductions in major short positions, including ETH, which dropped from $267 million to $138 million, BTC from $280 million to $21.69 million, and HYPE from $97.4 million to $89.3 million. Additionally, over $30 million has been withdrawn to various exchanges, marking a significant shift in Abraxas Capital's investment strategy.