Abraxas Capital Adjusts Short Positions Amid Bitcoin Consolidation

According to BlockBeats On-chain Detection, two addresses associated with Abraxas Capital have recently adjusted their short positions following Bitcoin's decline to $111,800 and subsequent consolidation. Over the past hour, these addresses have closed multiple short positions across various cryptocurrencies to secure profits. The specific reductions include over 46,000 SOL, valued at approximately $8.94 million; around 83 BTC, worth about $9.28 million; approximately 171 million PUMP, valued at $650,000; and about 2.08 million XPL, worth $870,000. Currently, the main address of Abraxas Capital holds a total position of approximately $630 million, a decrease of about $110 million from last week. The subsidiary address holds around $203 million, down by approximately $120 million from the previous week, with its operations aligning closely with the main address. Notably, both addresses maintain entirely short positions, though their strategies differ. The main address focuses on mainstream cryptocurrencies to express a macro bearish outlook, while the subsidiary address amplifies returns through a diversified basket of altcoins. Over the past seven days, these addresses have ranked second and third in profitability. BlockBeats advises investors to exercise caution as the cryptocurrency market has experienced significant volatility recently, emphasizing the importance of risk management.