๐๐ฏ๐ฟ๐ฎ๐ ๐ฎ๐ ๐๐ฎ๐ฝ๐ถ๐๐ฎ๐นโ๐ $๐ฑ๐ฌ๐ฌ๐ ๐ ๐ฒ๐ด๐ฎ ๐ฆ๐ต๐ผ๐ฟ๐: ๐๐ฒ๐ฑ๐ด๐ฒ ๐ผ๐ฟ ๐๐ฒ๐ฎ๐๐ ๐๐ฎ๐บ๐ฏ๐น๐ฒ?
โฌ Who's Betting Big?
Abraxas Capital is making waves with over $500M in leveraged shorts on Bitcoin, Ethereum, and Solanaโexecuted through two wallets:
โช 0x5b5d...C060
โช 0xB83D...6E36
โฌ The Position Breakdown (10x leverage via Hyperliquid):
โ 2,572 $BTC short (~$288M)
โ 57,317 $ETH short (~$151M)
โ 504,957 $SOL short (~$89.4M)
This looks like a massive hedge against spot holdingsโor a big directional play.
โฌ But Hereโs the Problem...
The market is climbing, not falling.
Unrealized losses have already surpassed $25M, and that number is still growing.
โฌ Whatโs the Strategy?
This could be:
โ A calculated hedge to balance large spot bags
โ Or a high-risk bet that the market will cool down soon
But with momentum favoring bulls, timing is everythingโand Abraxas is bleedingโฆ for now.
โฌ Why It Matters:
Large leveraged shorts like these are risky when market sentiment is bullish. If prices keep rising, Abraxas could be forced to de-risk, close out, or suffer a bigger loss.
โฌ Final Take:
Whether this is smart risk management or a bad bet in disguise, all eyes are now on Abraxas. One wrong move, and the hedge could unravel fast.
The market's next move might decide who wins this high-stakes crypto duel.