Abraxas Capital has implemented strategic adjustments in response to recent market volatility, including closing short positions on Ethereum (ETH) and other altcoins. These actions resulted in a substantial profit of $7.5 million within two hours, as reported by BH NEWS. This move follows the fund’s successful execution of a phased withdrawal strategy from positions in XPL and PUMP contracts. Abraxas Capital boasts a portfolio worth nearly $760 million, with over $245 million already realized profits, highlighting their expertise in navigating the volatile crypto landscape. Analyzing their short position distribution reveals a high reliance on Ethereum ($290 million) followed by Bitcoin ($260 million), and HYPE coin ($85 million). This indicates a cautious outlook on the market while strategically managing risk through controlled position closures.