Abraxas Capital Shorts BTC, ETH, and SOL with $288 Million in Positions on Hyperliquid

In a recent analysis by LookIntoChain, it has been revealed that Abraxas Capital is strategically utilizing two wallet addresses (0xB83D and 0x5b5d) to execute short positions on major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with a leverage factor of 10x on the Hyperliquid platform. This move appears to serve as a hedge against their substantial spot investments. Abraxas Capital’s current short holdings include 2,572 BTC, valued at approximately $288 million, 57,317 ETH at around $151 million, and 504,957 SOL, which amounts to nearly $89.4 million. Notably, the firm is facing unrealized losses exceeding $25 million, highlighting the inherent risks associated with leveraging in the volatile crypto market.