$BTC Abraxas Capital, a London-based crypto investment firm, is grappling with a massive $244.78 million floating loss on short positions across $BTC, $ETH , $SOL , $HYPE, and $SUI, held in two wallets on Hyperliquid

The bulk of the loss—$188.7 million—stems from their Ethereum short, with a $299 million position (113,819 $ETH) opened at $2,826 and now facing a $78.72 million deficit at $ETH’s current price of $4,346. Their BTC short, valued at $345 million with 10x leverage, is down $22.3 million, while SOL and $HYPE shorts add $8.51 million and $6.89 million in losses, respectively. Only their $SUI short shows a modest $178,734 profit.

Abraxas recently upped their ETH short by $5 million at 10x leverage, but with a liquidation price around $5,096, they’re at risk if ETH surges further. Their total short exposure exceeds $800 million, per Arkham Intelligence, highlighting the perils of high-leverage plays in a market up $116 billion in 24 hours.

What’s your take—can Abraxas weather this storm and capitalize on a market dip, or are their shorts doomed by the bullish tide?