Abraxas Capital Bets Against the Market—But Is the Hedge Bleeding?

Abraxas Capital, known for its strategic plays in the crypto space, is currently running a bold short strategy through two wallets: 0xB83D and 0x5b5d, targeting the three giants of the market—Bitcoin, Ethereum, and Solana.

Using 10x leverage on Hyperliquid, they've opened significant short positions as a probable hedge against their spot holdings:

2,572 $BTC short (~$288M)

57,317 $ETH short (~$151M)

504,957 $SOL short (~$89.4M)

But the market isn’t moving in their favor—unrealized losses have crossed $25 million and are mounting fast.

Wallet 1: 0x5b5d51203a0f9079f8aeb098a6523a13F298C060

Wallet 2: 0xB83DE012dbA672c76A7dbbbf3E459CB59D7D6E36

Whether this is a temporary drawdown in a well-planned hedge or a mistimed gamble remains to be seen. But one thing is clear: Abraxas is playing high-stakes chess with the market—and the board is heating up.