Institutional Whales Hold Firm on $600M BTC-ETH Shorts Amid Crypto Rally

Despite the recent violent crypto rally, three major firms, Abraxas Capital, Fasanara Capital, and Wintermute, have maintained more than $600 million in combined Bitcoin and Ether short exposure.

Their liquidation levels remain far above spot prices, indicating that these positions are structured as institutional hedges designed to withstand substantial upside.

Abraxas holds the largest exposure among the three, with its Ether shorts facing liquidation near $4,008 and $3,958 while ETH trades around $2,440. Wintermute’s Bitcoin position has an even wider buffer, surviving until approximately $251,307.

The distinction matters because the shorts appear tied to market-making and hedging activity, rather than directional bets.