Abraxas Capital Intensifies Bearish Bets on Gold Amid Recent Volatility

CoconutWaterBoy · 2026-02-22T10:04:17+00:00

Abraxas Capital has taken a defensive stance in the gold market, increasing its short positions to $9.18 million. Its evolution shows a significant strategic adjustment in its futures market presence after taking profits from $920 million to $60 million.

CoconutWaterBoy

2026-02-22 10:04:17

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Abraxas Capital Trading Firm has taken a defensive stance in the gold market, significantly expanding its short positions in the xyz:GOLD contract during the first weeks of February. With spot gold trading at approximately $4,867, this decision reflects Abraxas’s strategy in response to current commodity market movements.

Short Hedge Strategy Details

According to on-chain analysis by BlockBeats, Abraxas Capital’s main address (0x5b5) has increased its bearish exposure to $9.18 million, establishing an average entry price of $4,786 with a liquidation level set at $6,785. Complementing this strategy, Abraxas’s sub-address (0xb83) maintains a leveraged position with a 5x multiplier in xyz:GOLD, with an average price of $4,887. This combination of positions suggests a multi-level approach to maximize bearish exposure in the contract.

From Domain to Strategic Withdrawal: The Evolution of Abraxas

Abraxas Capital was recognized as the most significant contract whale in Hyperliquid when measured by capital volume. However, since last November, management has implemented a systematic profit-taking strategy. This process has notably reduced its overall position size, declining from a historic peak of $920 million to approximately $60 million currently. This strategic retreat reflects a significant reconfiguration of its presence in futures markets, demonstrating how even the largest operators adjust their exposure based on changing market dynamics.

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