Company Betting on Bitcoin and Ethereum Decline Sees Losses Exceed $100 Million!
According to Lookonchain, the total short position of two Hyperliquid accounts associated with Abraxas Capital has reached $1.2 billion; losses on open trades have exceeded $100 million.
Bitcoin (BTC) and Ethereum (ETH) carry the heaviest weight in these positions aimed at profiting from a decline. In the account screenshots shared by Lookonchain on September 21, the total size of shorts in just these two assets is approximately $765 million. The unrealized loss visible in the same four positions is approaching a total of $112 million.
These figures do not represent realized losses from closed trades but rather the losses visible in open positions at the time of the post. $1.2 billion refers to the total position size reported by Lookonchain; it does not mean cash deposited into the accounts or the amount lost.
Ethereum Shorts Account for the Largest Share of Losses
In the first account, the size of the Ethereum short is approximately $194 million, while the Bitcoin short size is $115 million. The total loss in these two positions is around $46 million. The account also holds short positions in contracts for HYPE, Solana (SOL), ZEC, and xyz:GOLD.
In the second account, the Ethereum short is approximately $278 million, and the Bitcoin short is $178 million. SOL and HYPE shorts in this account are at levels of approximately $85 million and $62 million, respectively. The screen also shows XRP and xyz:GOLD positions.
A total loss of approximately $70 million is seen in the Ethereum shorts of both accounts, and approximately $41 million in the Bitcoin shorts. Thus, a significant portion of the loss is concentrated in the two major cryptocurrencies where a decline was expected.
Positions Are Not Closed
In the screenshots, most of the trades carry 5x cross leverage; 10x leverage is seen in the SOL position in the second account. The post provides no information regarding whether these trades have been closed or liquidated.
The connection of the accounts to Abraxas Capital is based on Lookonchain’s reporting and the labels on the screens. The data does not show the company’s entire portfolio or whether they have offsetting hedge trades on other platforms; therefore, the loss in these open positions should not be interpreted as the company’s total net loss.