A few hours ago, on-chain data showed Abraxas Capital’s two Hyperliquid accounts suffering massive pain on short positions against $ETH , $BTC, $SOL , $HYPE, and $SUI .

Combined, the positions are sitting on over $190M in unrealized losses, with ETH shorts taking the biggest hit — 113,819 ETH (~$483M) in exposure down more than $144M.

The move appears to be a hedge against spot holdings, but the rally across majors has left both accounts deep in the red.

#ETH4500Next? #BinanceAlphaAlert #CryptoIn401k #USFedNewChair #Notcoin