Abraxas Capital has adjusted its short positions in Bitcoin, closing portions of its holdings to reduce their nominal value by approximately $17.7 million. Despite this adjustment, the firm still maintains a substantial short position worth over $232 million. Data reveals that Abraxas Capital’s overall Bitcoin holdings across these addresses are estimated to be around $620 million. Over the past week, the firm has realized profits of $77.9 million, with an additional potential unrealized profit of approximately $38.2 million. Notably, while both addresses utilize a full short strategy, their configurations vary significantly. The primary address is heavily concentrated on mainstream cryptocurrencies, while the subsidiary address diversifies across various altcoins to potentially amplify returns. The only exception is the Ethereum position held by the primary address, which remains at a loss.