Abraxas-Linked Hyperliquid Wallet Holds $1.58 Billion in Crypto Shorts

Abraxas Capital Management is associated with two Hyperliquid wallets that collectively hold approximately $1.58 billion in net short exposure, with Bitcoin and Ethereum-related positions valued at around $948 million. As of October 6 at 2:55 PM (Eastern Time), both wallets maintain the aforementioned positions. The positions include approximately 189,400 ETH and 5,120 BTC, with an unrealized loss of about $115 million. On-chain data shows that both addresses hold substantial assets and have recorded deposits of several million dollars, suggesting that the spot holdings may hedge part of the short exposure. The London-based investment firm Abraxas Capital Management has been identified by Nansen and Arkham Intelligence as the owner of the related addresses, with Arkham tagging it as associated with Heka Funds. In addition to BTC and ETH, the two wallets also hold short positions in assets such as SOL, HYPE, ENA, XRP, SUI, and PUMP.

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