Due to the decline in international oil prices, the 27.8 million crude oil short position held by "Abraxas Capital" has turned profitable.

BlockBeats News, March 18, according to Hyperinsight monitoring, international oil prices have retreated, with WTI crude oil dropping more than 3% intraday and Brent crude oil falling over 2%. The contract price of CL (WTI crude oil) on the Hyperliquid platform has fallen below the $93 mark, currently quoted at $92.4.

This round of decline has turned the positions of the largest on-chain oil short, "Abraxas Capital," into overall profitability across two addresses. The institution began building positions on the evening of the 16th and continued to increase holdings until last night, with a total position size reaching $27.8 millions. Details are as follows:

"Abraxas Capital" main address (0x5b5): 10x leveraged CL short position, size $13.5 millions, average price $93.1, unrealized profit $120,000;

"Abraxas Capital" sub-address (0xb83): 10x leveraged CL short position, size $14.3 millions, average price $93.3, unrealized profit $170,000.