🐳 $850M in BTC + ETH shorts. Over $50M underwater. Abraxas Capital is still holding. 👀 While the market rebounds, two Abraxas-linked wallets remain heavily short on Hyperliquid. Latest tracked positions: Wallet 1 • $ETH short: $261.3M | -$14.3M uPnL • $BTC short: $217.2M | -$18.2M uPnL Wallet 2 • $BTC short: $209.5M | -$12.9M uPnL • $ETH short: $162.9M | -$5.4M uPnL Combined BTC + ETH exposure: ~$850.9M Combined unrealized loss: ~$50.8M All four positions remain open at 5x leverage. But there's a twist: Abraxas has also been accumulating spot ETH, suggesting these shorts may be part of a broader hedging strategy. $50M underwater on the shorts. Yet the positions remain open. Is Abraxas hedging a much bigger portfolio — or preparing for another market reversal? 👀
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