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🛢️ Abraxas Capital Increases Short Positions in WTI and Brent Crude Oil.
According to on-chain data from HyperInsight, Abraxas Capital (top Brent crude addresses on Hyperliquid) has significantly boosted its short positions.
The two main addresses recently added ~$26M, pushing the total short exposure to around $92 million with a floating profit of ~$2.6M.
This bearish bet comes amid volatile oil prices influenced by geopolitical tensions (US-Iran negotiations) and market fluctuations. Average entry prices have been in the $99–$104 range, with high leverage (10x).
Will oil prices drop further, or will geopolitics push them higher?
What’s your take on crude oil direction? 👇