Odaily Planet Daily reports: The two Hyperliquid wallets associated with Abraxas Capital Management hold combined net short exposure of approximately $1.58 billion, with positions related to Bitcoin and Ethereum worth around $948 million. As of 2:55 p.m. ET on October 6, the two wallets continued to hold these positions.

Positions related to the two wallets include approximately 189,400 ETH and 5,120 BTC, with unrealized losses of around $115 million. On-chain data shows that both addresses hold substantial assets and have received deposits worth millions of dollars. Their spot holdings may hedge some of their short exposure.

The London-based investment firm Abraxas Capital Management has been identified by Nansen and Arkham Intelligence as the entity associated with these addresses. Arkham's labels show an association with Heka Funds. In addition to BTC and ETH, the two wallets also hold short positions in assets including SOL, HYPE, ENA, XRP, SUI, and PUMP. (Bitcoin.com News)