Abraxas Capital’s BTC, ETH, SOL and HYPE Shorts Yield $87.6M Profit
Onchain Lens data shows that amid recent market declines, Abraxas Capital has realized over $87.6 million in unrealized profits from its short positions on Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and HYPE tokens. These positions are held across two wallets on the HyperLiquid exchange. The firm’s timely bearish bets have paid off as prices of these assets fell, underlining the growing role of derivatives trading in crypto market volatility. Traders should watch whether Abraxas Capital rebalances its exposure or takes profits, as similar large-scale short events can trigger further downside or spark rapid rebounds when covered. Key metrics: total unrealized P&L of $87.6M, four assets, two wallets, HyperLiquid exchange.
Bearish
Abraxas Capital’s substantial $87.6 million unrealized gains from shorting BTC, ETH, SOL and HYPE reflect strong bearish conviction amid the market downturn. Large profitable short positions often signal sustained selling pressure and can weigh on prices if the firm holds or increases exposure. Historically, significant institutional shorting, such as during the 2022 market crash, intensified declines and heightened volatility. In the short term, traders may anticipate continued downside or sharp coverage-driven rallies when Abraxas unwinds; long-term impact depends on broader market sentiment and liquidity.