Over $980 Million in Short Positions Across Two Crypto Addresses: BTC and ETH Positions in the Red

Over $980 million in short positions were spotted in Hyperliquid addresses labeled Abraxas Capital.

Lookonchain reported that the total value of positions listed under the Abraxas Capital label in two Hyperliquid addresses has exceeded $980 million. The majority of these positions consist of leveraged short trades on Bitcoin and Ethereum.

According to the post, these trades include short positions valued at approximately $423.7 million for 168,549 ETH and approximately $214 million for 2,771 Bitcoin (BTC). These positions are listed as trades aiming to profit from price declines in the respective assets.

Distribution of short positions draws attention

The position screens for the two addresses seen on Hyperliquid include assets such as SOL, HYPE, xyz:GOLD, and XRP, alongside Ethereum (ETH) and Bitcoin trades.

In the first address, the values of Ethereum and Bitcoin short positions appear to be approximately $257 million and $147.5 million, respectively. In the second address, these amounts are listed as approximately $166.7 million and $68.6 million.

In the screenshots, the ETH and BTC short positions in both addresses appear to be in the red at that moment.

In the screenshots, most of the trades appear to have been opened with 5x cross leverage. Although the position tables include profit-loss and funding fields, the reported total refers to the nominal size of the positions. The total position outlook for both addresses on Hyperliquid indicates a concentration of hundreds of millions of dollars across short trades in various crypto assets.