Abraxas Capital Loads Up on Ethereum Shorts with $100M Bet
Abraxas Capital has taken a significant short position on Ethereum (CRYPTO:ETH), worth $100.06 million, according to data from Lookonchain and Hyperliquid. This is part of a larger $783 million short exposure across four cryptocurrencies for the firm.
The withdrawals from Binance by Abraxas Capital, totaling 73,872 ETH worth around $173.17 million over four days, may be related to liquidity or risk management, but this remains unclear.
Abraxas also has short positions in Bitcoin (CRYPTO:BTC), Hyperliquid (CRYPTO:HYPE), and Solana (CRYPTO:SOL), with respective values of $95.31 million, $84.19 million, and $23.97 million, all using 5x leverage.
The Ethereum position set a liquidation price at $3,946.19 based on Hyperscan data, suggesting the firm is anticipating significant price drops for ETH.