Abraxas Capital deepens ETH hedge with $32M spot purchase

The latest purchase, executed at an implied price of approximately $2,491 per token, covers roughly 9% of the firm's total 141,180 ETH short position, which is valued at $353.27 million. According to blockchain analytics firm Lookonchain, the acquisition serves strictly as a hedging mechanism rather than a reduction of the underlying short, allowing the firm to capture gains from potential price fluctuations in both directions.

This activity follows a pattern of significant market movements from the investment manager, which previously amassed over 211,000 ETH worth $477 million during a six-day buying spree in May 2025. While the current market environment sees Ether trading near $2,500 after recovering from early September lows, Abraxas maintains a heavily leveraged position that mirrors the broader appetite for high-stakes trading on Hyperliquid. Large-scale whale accounts continue to maintain billions of dollars in combined long and short exposure on the platform, reinforcing the volatility surrounding current price support zones between $2,423 and $2,475.