Abraxas Capital Management has made a significant move in the world of crypto by shorting more than $500 million of digital currency. This implies that they are betting on the prices of these cryptocurrencies dropping.
As per data revealed by Arkham Intelligence, the firm’s largest short position is in Bitcoin (BTC) at $224 million, followed by Ethereum (ETH) at $163 million. They’ve also shorted $57 million in Hyperliquid (HYPE), $44 million in Solana (SOL), and $560,000 in Sui (SUI).
All these positions are being executed on-chain, meaning directly through blockchain protocols rather than traditional platforms. Data shared by Arkham shows that Abraxas is shifting funds from exchanges like Binance, kraken as well as Aave to place leveraged bets on currently trending platform Hyperliquid.
So far, the firm is already up $13.3 million in profits from these bets via their wallet address, 0x5b5d…060. Meanwhile, the crypto market showed mixed movement over the past 24 hours.
Bitcoin (BTC) price rose by 0.73% to $104,552.33, while Ethereum (ETH) gained 1.34% to reach $2,504.29. On the other hand, Solana (SOL) declined by 1.20%, trading at $144.87, and Hyperliquid (HYPE) slipped 0.54% to $38.59. Sui (SUI) dropped the most, falling 2.09% to $2.
Earlier, between May 7 and May 20, Abraxas went on a major Ethereum (ETH) accumulation spree, purchasing over $837 million worth of ETH. At that time, the firm’s total crypto holdings stood at over $959 million,with the majority of its current holdings still in ETH. However, after this major step that figure has since dropped to $513 million.
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