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Are you paying attention to Abraxas Capital's gold strategy? Data shows that they recently added $5.14M to their short position on gold. Now, their total gold short position is around $514M .
What’s interesting is that Abraxas has a large portion of their spot hedge in Bitcoin and Ethereum on Hyperliquid. They seem to be experts in delta-neutral strategies — meaning they are balancing exposure across multiple assets to reduce their risk. This looks like a very calculated move.