Abraxas Capital: Buys 13,000 ETH to Hedge Hyperliquid Short

Abraxas Capital purchased another 13,000 $ETH worth $32.39 million in spot markets to offset its existing 141,180 $ETH short position valued at $353.27 million on Hyperliquid. ETH price prediction models now factor in this large-scale hedging flow amid neutral momentum signals on the 4h chart where price sits at $2498.35 between EMA50 support at $2466.2 and upper Bollinger resistance at $2521.06 while RSI at 55.07 shows no overbought conditions and MACD registers a bearish death cross at 8.42. Spot hedge strategies like this one from Abraxas Capital often precede shifts in derivatives open interest and can influence broader crypto market crash scenarios if similar players unwind positions quickly.