The "biggest short" at Hyperliquid, Abraxas Capital, has recently shown some interesting activity. Their sub-address (starting with 0xb83) quietly bought ASTER at around $1.03 yesterday afternoon, now already showing a floating profit of 30%. Even more intriguing is their main address (0x5b5), which had already accumulated a long position in ASTER at $0.91. Currently, this address is sitting on nearly $490,000 in unrealized gains, a 61% increase. Combined, these two addresses hold a total ASTER position worth approximately $2.4 million.

Looking into their holdings, a stark contrast emerges: out of 12 different tokens, ASTER is the only long position, with all others being shorts. Their total nominal position value now exceeds $520 million, making them arguably the largest short position holder in Hyperliquid contracts.

Adding to the intrigue, just a few hours ago, a brand-new address (0x913) transferred 668,000 ASTER from a major exchange. This wallet has accumulated around $2 million worth of ASTER over the past three days. Are these activities connected? It's too early to tell, but on-chain data is starting to look quite suspicious.