Abraxas Capital expands gold short to $30.1 million on Hyperliquid as deposits climb

Abraxas Capital has expanded its short position in xyz:GOLD, a gold mapping contract on Hyperliquid, to $30.1 million after spot gold traded above $4,700, HyperInsight data cited by BlockBeats show on March 4. The address has scaled into the trade over the past month, lifting its average entry from $4,786 to $5,281, with a liquidation level at $6,989 and an unrealized gain of about $680,000, and it added $7.5 million in deposits over the past three days, including a sizable increase early this morning before partially taking profits within the last two hours. HyperInsight data also show the address holds around $6.85 million in XAUT (Tether Gold) spot onchain as part of a cross‑market mix of spot and futures, and Abraxas Capital, once the largest contract whale on Hyperliquid, has been realizing profits and cutting overall positions since November last year, shrinking total holdings from a peak of $920 million to roughly $40 million.