๐ฅ Hedging gone wrong? Abraxas Capital loses over $107M on Hyperliquid
๐ On July 14, according to Lookonchain, two Abraxas wallets on Hyperliquid have accumulated over $107 million in losses, primarily from shorting BTC, ETH, SOL and other tokens to hedge spot holdings.
๐ What started as a hedge turned into a disaster as the market surgedโhighlighting that in crypto, timing beats theory ๐ฐ๏ธ
๐ฌ In a bull market, being overly defensive may be riskier than being aggressive.
