💥 Hedging gone wrong? Abraxas Capital loses over $107M on Hyperliquid
📅 On July 14, according to Lookonchain, two Abraxas wallets on Hyperliquid have accumulated over $107 million in losses, primarily from shorting BTC, ETH, SOL and other tokens to hedge spot holdings.
📉 What started as a hedge turned into a disaster as the market surged—highlighting that in crypto, timing beats theory 🕰️
💬 In a bull market, being overly defensive may be riskier than being aggressive.
