Abraxas Capital holds the top two positions in Brent crude oil holdings, with nearly $50 million betting on a potential drop in oil prices.

PANews reported on March 26 that, according to HyperInsight monitoring, two addresses under Abraxas Capital (0x5b5 and 0xb83) have been continuously increasing their short positions in Brent crude oil recently. They now occupy the top two positions in terms of Brent crude oil holdings on the Hyperliquid platform, with each address holding more than $20 million in short positions, totaling $50 million.

Both short positions are currently leveraged at 10x, with an average price of approximately $104.7 and an average liquidation price of $142.6. As Brent crude oil prices continue to decline, the two positions have generated a combined unrealized profit of approximately $3 million, representing an overall return of about 12%.