Abraxas Capital Maintains 5x Leveraged Short on GOLD for 144 Days, Data Show

A whale address linked to Abraxas Capital has maintained a 5x leveraged short position on GOLD for 144 days, with an initial margin of about $3.51 million, according to monitoring data from Hyperinsight. According to BlockBeats On-chain Detection, the position has been kept at a relatively consistent size over the holding period. During this time, cumulative funding fee settlements totaled about $359,000, or roughly 10.2% of the initial margin. Excluding minor position adjustments, the annualized return from the strategy was estimated at about 25.9%. Broader on-chain whale positioning was described as skewed bearish, potentially due to arbitrage and hedging activity. Total notional short exposure across the market was about $39.3 million, around 1.56 times the notional long exposure of about $25.2 million. However, when excluding large holders, funding rates were positive for most of the time, indicating a market that was generally biased toward long positions. This environment was cited as providing a steady source of funding fee income for hedged short positions.