Two Hyperliquid wallets linked to Abraxas Capital Management were holding roughly $1.58 billion in net short exposure, with about $948 million tied to Bitcoin and Ether positions, according to an Odaily report citing Bitcoin.com News. As of 2:55 p.m. Eastern Time on Oct. 6, both wallets were still carrying those positions. The reported exposure included around 189,400 ETH and 5,120 BTC, with paper losses standing at about $115 million. On-chain data showed that both addresses held large asset balances and had received deposits worth millions of dollars, suggesting spot holdings may hedge part of the short exposure. London-based investment firm Abraxas Capital Management has been tagged by Nansen and Arkham Intelligence as the entity tied to the addresses, while Arkham labels also show a connection to Heka Funds. Beyond BTC and ETH, the two wallets also held short positions in SOL, HYPE, ENA, XRP, SUI and PUMP.
Two Hyperliquid wallets linked to Abraxas Capital Management were holding about $1.58 billion in net short exposure, with roughly $948 million tied to Bitcoin and Ether positions, according to Odaily, citing Bitcoin.com News.
Positions remained open as of Oct. 6
As of 2:55 p.m. Eastern Time on Oct. 6, both wallets were still holding those positions. The reported exposure included about 189,400 ETH and 5,120 BTC, with paper losses of around $115 million.
On-chain records and attribution
On-chain data showed that both addresses held large amounts of assets and had logged deposits worth millions of dollars. Spot holdings may hedge part of the short exposure.
London-based investment firm Abraxas Capital Management has been tagged by Nansen and Arkham Intelligence as the entity associated with the addresses. Arkham labels also show a link to Heka Funds.
Short exposure extended beyond BTC and ETH
In addition to BTC and ETH, the two wallets also held short positions in SOL, HYPE, ENA, XRP, SUI and PUMP.
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