Abraxas Shorts $500M in Crypto, Gains $13.3M in Profits
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…
