Galaxy Digital Reduces ETH Short Positions Amid Market Adjustments

Galaxy Digital has been actively reducing its ETH short positions over the past 16 hours, according to BlockBeats. The associated address (0xcac) has decreased its holdings by 905 ETH, valued at approximately $2.09 million, while still maintaining an unrealized profit of $2.6 million and a total position size of $7.4 million. Since March, this address has significantly reduced its positions, selling off BTC and ETH spot holdings and closing short positions. The total spot sales have reached $11 million, completing a full liquidation, while the short position size has decreased from $35 million to the current $13.8 million. During this period, the funding rate settlement has yielded approximately $3.5 million in profits. The address has reportedly received multiple on-chain funds from Galaxy Digital and has been executing a neutral arbitrage strategy on Hyperliquid. This strategy typically involves selling spot assets and closing short positions or buying spot assets and increasing short positions to maintain a risk-neutral stance.