Abraxas-Linked Hyperliquid Wallets Hold $1.58B in Crypto Shorts, with BTC and ETH Shorts Reaching $948M

Odaily News: Two Hyperliquid wallets linked to Abraxas Capital Management collectively hold approximately $1.58 billion in net short exposure, with Bitcoin and Ethereum-related positions valued at approximately $948 million. As of 2:55 PM EST on October 6, both wallets maintained these positions.

The positions in both wallets include approximately 189,400 ETH and 5,120 BTC, with unrealized losses of approximately $115 million. On-chain data shows that both addresses hold substantial assets and have records of millions of dollars in deposits, and their spot holdings may hedge part of the short exposure.

London-based investment firm Abraxas Capital Management has been identified by Nansen and Arkham Intelligence as the entity behind the related addresses, with Arkham labeling them as affiliated with Heka Funds. In addition to BTC and ETH, both wallets also hold short positions in assets including SOL, HYPE, ENA, XRP, SUI, and PUMP. (Bitcoin.com News)