Major Trading Firms Still Hold $600 Million in Bitcoin and Ethereum Shorts

Despite a sharp price rally in Bitcoin (BTC) and Ethereum (ETH), three trading firms - Abraxas Capital, Fasanara Capital, and Wintermute - still hold over $600 million in short positions on these assets.

A blockchain tracker called Lookonchain identified the positions as market maker hedging accounts. Their liquidation prices sit far above current market levels, with Abraxas Capital's Ethereum shorts liquidating at $4,008 and $3,958, while spot trades near $2,440.

Wintermute's Bitcoin position survives until $251,307, a 66% increase from the current price of $77,381. The remaining short exposure is less a broad bearish bet and more a reflection of market-making and hedging activity, according to Lookonchain.