Abraxas Takes $783M Short Position Against Bitcoin's Rally

Abraxas Capital has taken an aggressive stance against Bitcoin's recent surge to $77.5K, building a massive short position of around $783 million on Hyperliquid, a decentralized exchange for perpetual futures contracts.

This move comes as Bitcoin closed its strongest week since March 2023 and nearly $7 billion in leveraged shorts were liquidated across the crypto market following Treasury Secretary Scott Bessent's plan to increase long-dated bond buybacks.

Abraxas has a history of running large opposing positions rather than simple directional bets, pairing short derivatives exposure against separate holdings rather than wagering outright on a price decline.