Abraxas Capital Unveils Bearish Stance with $472M Short Positions
Abraxas Capital is reported to hold over $472 million in short positions across four major cryptocurrencies on the Hyperliquid platform.
The wallet identified as belonging to Abraxas Capital carries significant short exposure, with $126 million short on Bitcoin (BTC), $120 million short on Ethereum (ETH), $73 million short on Solana (SOL), and $72 million short on Hyperliquid (HYPE).
The portfolio is running at 5.23x leverage, indicating a high level of conviction behind the positioning. The wallet equity reported above $200 million suggests that Abraxas Capital has sufficient capital to absorb potential losses.
According to the Hyperliquid leaderboard snapshot, the short positions have generated a profit of +$21 million over the past 24 hours, with prices declining across BTC, ETH, SOL, and HYPE. The overall crypto market capitalization reportedly declined roughly 2.77% in the same period.