Abraxas Capital Expands BTC Shorts to $280M as Unrealized Profit Reaches $50.2M, HyperInsight Reports

Abraxas Capital activity drew attention as HyperInsight monitoring flagged two addresses (0x5b5, 0xb83) lifting their combined balance from $165 million to $256 million by last Monday. They led contract holdings on Hyperliquid over the past 24 hours, with the aggregate nominal value advancing from roughly $480 million to $760 million. The move signals a strategic tilt within the fund’s short-side positioning in select crypto assets.

In the latest window, Abraxas Capital continued expanding its BTC and ETH short exposures. ETH shorts rose to $267 million from $226 million, while BTC shorts climbed to $280 million from $124 million, and HYPE shorts increased to $103 million from $97.4 million. Total unrealized profit across the two addresses reached about $50.2 million. Among 22 short legs, the only unrealized loss occurred on ETH at address 0x5b5, with an average entry near $3,531 and a floating loss of about $12.57 million (roughly 54%).