Abraxas Capital is now sitting on more than $980M in positions on Hyperliquid
Their biggest bets are:
168,549 $ETH short >> $423.7M
2,771 $BTC short >> $214M
And there are still hundreds of millions in shorts across other assets.
At first glance, it looks like Abraxas is making a massive bet that crypto goes lower. But there’s an important detail here.
They’ve previously held large ETH shorts while buying spot ETH at the same time, which suggests at least part of the strategy may be hedged rather than a simple directional bet against the market.
Still, nearly $1B in nominal short exposure is a position you might wanna be watching.
The interesting question isn’t just whether Abraxas is bearish. It’s what happens if the market decides to move against them.
Their biggest bets are:
168,549 $ETH short >> $423.7M
2,771 $BTC short >> $214M
And there are still hundreds of millions in shorts across other assets.
At first glance, it looks like Abraxas is making a massive bet that crypto goes lower. But there’s an important detail here.
They’ve previously held large ETH shorts while buying spot ETH at the same time, which suggests at least part of the strategy may be hedged rather than a simple directional bet against the market.
Still, nearly $1B in nominal short exposure is a position you might wanna be watching.
The interesting question isn’t just whether Abraxas is bearish. It’s what happens if the market decides to move against them.
