Abraxas Capital's Bet on Bitcoin and Ethereum Decline Costs Over $100 Million
Abraxas Capital's two Hyperliquid accounts have seen losses exceed $100 million due to their short positions in Bitcoin (BTC) and Ethereum (ETH). According to Lookonchain, the total short position of these accounts has reached a staggering $1.2 billion.
The largest share of losses is concentrated in Ethereum shorts, with approximately $70 million lost across both accounts. The same can be said for Bitcoin shorts, where around $41 million was lost. The positions are not closed, and most trades carry 5x cross leverage.
Abraxas Capital's total portfolio size is unknown, and the data does not show whether they have offsetting hedge trades on other platforms. Therefore, the loss in these open positions should not be interpreted as the company's total net loss.