Trading Firms Sit on $603M in BTC, ETH Shorts as HYPE Price Surges

The Hyperliquid (HYPE) price surge has put significant short positions on the platform under scrutiny. Abraxas Capital, Fasanara Capital, and Wintermute were sitting on $603 million in total shorts of ETH and BTC, with Abraxas holding the largest position at $783 million.

Abraxas had built its shorts on Hyperliquid while hedging with spot buys, withdrawing 73,872 ETH worth around $173.17 million from Binance over four days. The firm's unrealized losses were estimated to be around $58 million.

On the other hand, Fasanara was down about $16.6 million across its two positions, while Wintermute emerged as an exception with a marginally profitable position. The trigger prices for the shorts ranged from $3,946 to $4,988 on ETH and from $128,521 to $251,307 on BTC.

The price of HYPE reached an all-time high of $83.27 on Sunday, while Bitcoin and Ethereum were also up over 1% during the past 24 hours. The net assets in HYPE spot ETFs stood at $360.39 million as of Friday, with cumulative net inflows reaching $287.45 million.