Abraxas Capital reduces short positions in ETH and multiple other cryptocurrencies, with two addresses earning $18 million in profits today.

According to ChainCatcher, monitored by HyperInsight, in the past half hour, two addresses labeled as Abraxas Capital (0x5b5, 0x83) have reduced their ETH short positions by more than 1,870 ETH, with the position value correspondingly decreasing by about $7.5 million.

Meanwhile, XPL shorts and PUMP shorts are also continuously reducing their positions. According to monitoring, the total holdings of the two Abraxas Capital addresses are approximately $760 million, with realized profits exceeding $245 million in the past 7 days, and about $25 million in unrealized gains remaining. The main short positions consist of: BTC about $260 million, ETH about $290 million, and HYPE about $85 million.

It is noteworthy that although both addresses employ an all-short strategy, there are differences in specific preferences: the main address heavily bets on major coins to express a bearish outlook on the overall market, while the sub-address amplifies potential returns through a diversified portfolio of altcoins. Among the total of 24 positions, currently only the ETH short position of the main address remains at a loss.