Abraxas Capital has bought another 13,000 ETH worth $32.39 million in the spot market to hedge part of a large short position on Hyperliquid valued at $353.27 million. The transaction was reported by blockchain analytics account Lookonchain on September 8, 2026.
The spot purchase was made at an implied price of roughly $2,491 per ETH. When measured by token count, the newly bought 13,000 ETH covers just over 9% of the firm's 141,180 ETH short position. After subtracting the hedge, Abraxas Capital remains exposed to approximately 128,180 ETH of net short exposure, based solely on the positions disclosed by Lookonchain.
Lookonchain described the move specifically as a hedge rather than a closure or reduction of the underlying short. The position structure gives Abraxas exposure in opposite directions: the short benefits if Ether's price declines, while the spot ETH gains if the token rises.
The firm is no stranger to large Ethereum transactions. In May 2025, Abraxas Capital accumulated more than 211,000 ETH worth over $477 million during a six-day buying run. That accumulation included the withdrawal of 138,511 ETH valued at roughly $297 million from centralized exchanges.
Hyperliquid has seen substantial whale positioning this year. Earlier in 2025, combined whale positions reached several billion dollars, with long and short exposure often closely balanced. The latest Abraxas move highlights how institutional traders continue to adjust positions on decentralized derivatives platforms as Ethereum's price fluctuates.
Ether has been trading close to the $2,500 level after recovering from early September lows. On September 2, ETH fell to an intraday low of $2,356 after failing to clear resistance near $2,550. Liquidation data showed leveraged positions clustered around $2,430 below the market and between $2,540 and $2,600 above it.
Institutional demand for spot Ether has also remained active. U.S. spot Ethereum exchange-traded funds recorded $225.8 million in net inflows on August 28, extending a nine-session buying streak to $1.42 billion. BlackRock's ETHA accounted for $1.02 billion, or roughly 72%, of those nine-day ETF inflows, while Fidelity's FETH recorded $56.2 million and BlackRock's staked ETHB product added $20.7 million.
Traders are now watching Ethereum's price action closely as large institutional participants adjust their exposure. The ongoing hedging activity may foreshadow increased volatility, especially around key support and resistance zones near current levels.
