Abraxas Capital is using 2 wallets — 0xB83D and 0x5b5d —to short $BTC, $ETH and $SOL on Hyperliquid with 10x leverage, likely as a hedge against their spot holdings.

They currently hold short positions of 2,572 $BTC($288M), 57,317 $ETH($151M), and 504,957 $SOL($89.4M), with unrealized losses of over $25M.

https://hypurrscan.io/address/0xB83DE012dbA672c76A7dbbbf3E459CB59D7D6E36

https://hypurrscan.io/address/0x5b5d51203a0f9079f8aeb098a6523a13F298C060