Abraxas buys $32M ETH against $353M short

• Abraxas Capital has bought 13,000 ETH worth $32.39 million.
• The purchase has come alongside a 141,180 ETH short worth about $353.27 million.
• The spot position has covered about 9% of the firm's short by token amount.

Abraxas Capital has bought 13,000 Ether (CRYPTO:ETH) worth $32.39 million while holding a much larger short on Hyperliquid.

The purchase has been made at an average price of about $2,491 per ETH, while the short has reached 141,180 ETH.

Lookonchain has identified the purchase as a hedge against the short position, which has been valued at about $353.27 million.

The new spot position has covered about 9.2% of the short based on the amount of ETH held.

Abraxas Capital has continued to hold the short as Ether has traded near the $2,500 level, leaving the firm exposed to movements in both positions.

The firm has also moved large amounts of ETH between exchanges and derivatives platforms as it has built its trading position.

Abraxas Capital had previously built a Hyperliquid short worth about $783 million before reducing the position and adding spot ETH as part of its trading strategy.

At the time of reporting, Ethereum price was $2,486.59.