Abraxas Capital has increased its short positions in both WTI and Brent crude oil to $136 million, with a paper loss of $7.2 million.

CoinFeed reported on March 30th that, according to HyperInsight monitoring, this weekend, Abraxas Capital, the largest short seller of crude oil on-chain, significantly increased its short positions in WTI and Brent crude oil. Two addresses simultaneously increased their positions, accumulating over $44 million in additional holdings. The average purchase prices for WTIOIL and BRENTOIL were $102 and $108 respectively, representing a roughly 48% increase in short position size compared to Friday. Following this round of increases, both addresses now hold over $17 million in short positions in WTIOIL and over $50 million in short positions in BRENTOIL, bringing their total holdings to $136 million. However, due to the continued rise in crude oil prices, these addresses have turned from profit to loss, with a total unrealized loss of $7.2 million.