Trading Firms Sit On $600M In BTC, ETH Shorts As HYPE Price Surges

Trading firms Abraxas Capital, Fasanara Capital, and Wintermute have collectively held shorts of $603 million in Bitcoin (BTC) and Ethereum (ETH) on Hyperliquid. The firms had built about $783 million in short positions on the venue while hedging with spot purchases. This move has put them under pressure as BTC and ETH prices surged to new highs.

Abraxas Capital accounted for the biggest paper loss, with about $58 million in unrealized losses across its ETH shorts opened near $2,064 and $2,111, and its BTC shorts near $65,312 and $67,026. Fasanara was down about $16.6 million across its two positions.

Hype (HYPE) has been rallying, hitting a record high of over $83 on Sunday, with retail sentiment remaining in the 'extremely bullish' zone. The platform saw $6 million in daily fees, exceeding the 24-hour fee totals of the top 5 blockchains.