Crypto Giants Build Massive Shorts Amid Rally

Three large players in the crypto market - Abraxas Capital, Wintermute, and Fasanara Capital - have accumulated massive short positions on Ethereum (ETH) and Bitcoin (BTC) after last week's rally wiped out much of the bearish leverage held by smaller traders. The combined shorts of these three accounts total $603 million in visible ETH and BTC exposure alone.

Abraxas has expanded its total Hyperliquid shorts to approximately $783 million, including about $100 million in ETH, $95 million in BTC, $84 million in HYPE (a token tied to the price of Ethereum), and $24 million in SOL (Solana).

The firm withdrew 73,872 ETH worth about $173 million from Binance over four days. This move makes Abraxas' headline short exposure considerably different from an outright bearish bet on falling crypto prices.

Fasanara Capital's linked wallet has accumulated large shorts while simultaneously earning Hyperliquid profits of more than $180 million. Wintermute increased its Hyperliquid short exposure to $190.77 million, adding about $44.58 million after the recent rally.