Abraxas Capital shorts crypto for $780 million — hedge or gamble?

London-based fund Abraxas Capital has opened short positions for $780 million on BTC, ETH, SOL, HYPE, and SUI — and already has over $100 million in unrealized losses.

📉 Just in ETH — nearly $580 million, loss of $78 million

📉 BTC — minus $22 million

📉 SOL and HYPE — another $15 million in the red

Part of the losses is offset by the rise in assets used as collateral. But with BTC near historical highs and ETH approaching $4K, this hedge looks increasingly risky.

Smart strategy or stubbornness? The market will show.

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