Abraxas Capital: Down $101M on Short Positions

Abraxas Capital sits on -$101.34M unrealized PnL across a $703.71M perp book that is almost entirely short, with the largest hits on $ETH at -$41.23M, $BTC at -$23.36M, $HYPE at -$17.05M and $SOL at -$15.76M while lifetime PnL stays positive at +$79.06M.

Price action on the 4h chart shows ETH at $2723.19 testing upper Bollinger resistance at $2719.34 while RSI(14) prints 74.09 in overbought territory and MACD(12,26) holds its bullish golden cross at 44.63; with the 50-EMA support at $2551.69 and 200-EMA at $2382.58 still intact, a measured retracement toward the 50-EMA appears likely before any continuation higher, directly pressuring models for ETH price prediction and institutional short positioning in the current cycle.