Abraxas Capital purchased 13,000 ETH ($32.39M) spot to hedge its 141,180 ETH ($353.27M) short on Hyperliquid as ETH trades at $2498.35.

According to the source, Grayscale's latest research reports the US dollar’s stability is under pressure and highlights BTC and ETH as potential hedges against fiat devaluation (source: Grayscale Research). The report positions Bitcoin and Ethereum as macro hedge assets for managing currency debasement risk in portfolios, emphasizing their use-case as alternative stores of value rather than short-term trades (source: Grayscale Research).