Brutal losses!
Abraxas Capital is facing significant setbacks with their two accounts, which are shorting $ETH, $BTC, $SOL, $HYPE, and $SUI as a hedge against their spot holdings, accumulating unrealized losses surpassing $190 million. Notably, their substantial short position of 113,819 $ETH, valued at $483 million, has already incurred losses exceeding $144 million, highlighting the intense financial pressure on their strategy.
