SHORT THE MARKET now Cause ... Abraxas is shorting the market… while buying the dip on spot.
They taking a pretty interesting approach right now. The firm has built roughly $783M in short positions on Hyperliquid, betting against the market.
But at the same time, it’s aggressively accumulating spot $ETH . Over the past 4 days, Abraxas-linked wallets withdrew 73,872 ETH from Binance, worth around $173.17M.
So while the derivatives book is heavily short, the spot side is stacking ETH. That looks less like a simple bearish bet and more like a massive hedge ... short the market, own the underlying. 🐋
Addresses:
0x5b5d51203a0f9079f8aeb098a6523a13F298C060
0xB83DE012dbA672c76A7dbbbf3E459CB59D7D6E36
They taking a pretty interesting approach right now. The firm has built roughly $783M in short positions on Hyperliquid, betting against the market.
But at the same time, it’s aggressively accumulating spot $ETH . Over the past 4 days, Abraxas-linked wallets withdrew 73,872 ETH from Binance, worth around $173.17M.
So while the derivatives book is heavily short, the spot side is stacking ETH. That looks less like a simple bearish bet and more like a massive hedge ... short the market, own the underlying. 🐋
Addresses:
0x5b5d51203a0f9079f8aeb098a6523a13F298C060
0xB83DE012dbA672c76A7dbbbf3E459CB59D7D6E36
