Bitcoin Rallies Past $77.5K Amid Abraxas Capital's Aggressive Short Position
Abraxas Capital has taken an aggressive stance against the recent Bitcoin rally by building a $783 million short position on Hyperliquid, a decentralized exchange for perpetual futures contracts. This move comes as Bitcoin reached a new weekly high of $77.5K.
According to onchain data, Abraxas Capital withdrew 73,872 ETH worth about $173.17 million from Binance over the prior four days to add to its hedge. The fund's history suggests it has a market-neutral style that pairs short derivatives exposure against separate holdings rather than wagering outright on a price decline.
Wintermute and Fasanara Capital, both established crypto market makers, have also carried Hyperliquid short exposure through previous Bitcoin run-ups without it derailing their books. However, the current rally puts real pressure on any short position, regardless of its purpose.
The Treasury's bond buyback plan has contributed to the price surge, as has President Trump's push for the Senate to pass the CLARITY Act by September 15th. U.S. spot Bitcoin ETFs have also added more than $1.9 billion in net inflows last week, further fueling demand.