$BTC $ETH $SOL
A whale fund is getting crushed on the short side — $101M unrealized loss
Abraxas Capital is holding nearly all-short positions across roughly $704 million in perpetual contracts — and it's paying for it, with an unrealized loss of about $101 million right now.
The breakdown:
ETH shorts: -$41.23M BTC shorts: -$23.36M HYPE shorts: -$17.05M SOL shorts: -$15.76M
The timing makes sense — BTC, ETH, and SOL are all up 4-6%+ today, moving directly against these positions.
Context that matters: despite this steep paper loss, Abraxas's cumulative historical P&L still sits at roughly $79.06 million in profit — meaning this drawdown, while large, hasn't wiped out the fund's track record. It's a reminder that even sophisticated players get caught positioned the wrong way during sharp reversals.
Why watch this: large short positions this underwater can sometimes trigger forced liquidations if the rally continues, which would add extra buying pressure to the market.
#SmartMoney #Whales
A whale fund is getting crushed on the short side — $101M unrealized loss
Abraxas Capital is holding nearly all-short positions across roughly $704 million in perpetual contracts — and it's paying for it, with an unrealized loss of about $101 million right now.
The breakdown:
ETH shorts: -$41.23M BTC shorts: -$23.36M HYPE shorts: -$17.05M SOL shorts: -$15.76M
The timing makes sense — BTC, ETH, and SOL are all up 4-6%+ today, moving directly against these positions.
Context that matters: despite this steep paper loss, Abraxas's cumulative historical P&L still sits at roughly $79.06 million in profit — meaning this drawdown, while large, hasn't wiped out the fund's track record. It's a reminder that even sophisticated players get caught positioned the wrong way during sharp reversals.
Why watch this: large short positions this underwater can sometimes trigger forced liquidations if the rally continues, which would add extra buying pressure to the market.
#SmartMoney #Whales
