Update: Abraxas continues to be bearish on $ETH
This morning, Abraxas continued to short $ETH at an average price of $2,520 - $2,550.
Currently, the average entry of the two wallets is $2,595 and $2,609 respectively.
The total PnL of the two wallets is currently ~ $52.8M and the short position on $BTC is down ~$2M.
Abraxas's continuous increase in short positions, especially with $ETH, indicates that they maintain a negative outlook on the market in the short term. With the new entry level close to the current price range, Abraxas likely expects the market to experience a stronger decline in the near future.
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Abraxas returns to the short market race
7 hours ago, 2 Abraxas wallet addresses took a notable action when transferring part of the VOL of short $BTC orders to $ETH.
Specifically, this fund has just made a partial stop loss on short $BTC orders, and at the same time opened a series of short $ETH orders when the $ETH bounced up to $2,500. Along with that, these VCs also open more short $SOL orders in their portfolio.
Up to now, Abraxas' 2 wallet addresses are quite sensitive to the market when opening short orders are in a "beautiful" position, and at the same time cash out at the strong correction and before the upside.
$ETH was once the largest profitable short order for Abraxas, will this comeback continue to help Abraxas repeat history, making a profit of $100M.
Note that all Abraxas' take profit orders are only small or medium vol, that is, the main trend of these 2 wallets is still short and is mainly holding open orders from 06/06.
This wallet is still a fairly good timing wallet for market signals, you should follow it to predict market changes in the near future.
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