HYPE Short Liquidations Hit $12.65M on Hyperliquid, Abraxas Capital Holds the Largest $44.72M HYPE Long

COINOTAG News, citing Coinglass data on November 25, notes that in the past six hours the HYPE network faced about $12.65 million in short liquidations, with Hyperliquid absorbing roughly 94% of the total. This activity underscores intense short-covering pressure across venues and suggests renewed liquidity-driven volatility for the token.

HyperInsight monitoring shows the largest long position on Hyperliquid for HYPE sits with Abraxas Capital, at $44.72 million. The allocator has been progressively closing long positions to lock in profits alongside spot selling, contributing to a drop in short positions from $89.30 million on the 18th to about $44.70 million, with a remaining unrealized profit of $13.26 million.

Taken together, the data reflect a strategic repositioning among key HYPE holders, as profit-taking and offsetting liquidations shift net exposure. The market now shows a reduced short exposure and meaningful unrealized gains, informing near-term price discovery dynamics.