Abraxas Capital is shorting $BTC, $ETH and $SOL 🚨

Isn't Abraxas Capital is also accumulating $ETH, then why are they shorting?

It's called hedging, which is often done to minimize the risk.

As of now, Abraxas Capital short positions are in loss of >$20M, but their spot positions are in >$80M profit.

On top of that, they have also made >$1.5M from funding fees, so overall, they are still in huge profit.