TREE NEWS reports: Two Hyperliquid wallets tied to London investment firm Abraxas Capital Management hold roughly $1.58 billion in net short exposure, including about $948 million in bitcoin and ether positions. As of 2:55 p.m. ET on October 6, the wallets held shorts of about 189,400 ETH and 5,120 BTC, with unrealized losses near $115 million. Nansen and Arkham Intelligence tag the addresses as Abraxas-linked, with Arkham showing a Heka Funds connection; the wallets also short SOL, HYPE, ENA, XRP, SUI and PUMP, while large spot holdings may hedge part of the exposure.
Abraxas-Linked Hyperliquid Wallets Hold $1.58B Crypto Shorts, $948M in BTC and ETH
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AI take
The headline number is less telling than the structure: a London investment firm running a broad short book across majors and smaller tokens, with spot holdings that may offset part of it, reads more like a hedged or relative-value position than a directional bet against crypto. The $115 million in unrealized losses shows the trade is already under water, which makes the spot-hedge question central to interpreting the exposure. Whether the wallet continues adding to shorts, or the spot leg is drawn down to cover, is the open question worth watching.
Generated by AI for reference only.
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