TREE NEWS reports: Abraxas Capital’s two addresses holding ZEC short positions on Hyperliquid are sitting on $34.98 million in unrealized gains on those ZEC positions alone, after the token’s price plunged below $1,000. Total unrealized profit across the two addresses’ open positions stands at $118 million.
Abraxas Capital’s ZEC Shorts on Hyperliquid Show $34.98M Paper Profit
AI take
The scale of the paper gain matters less than what it reveals about positioning on Hyperliquid: a single firm's two addresses are carrying a nine-figure unrealized profit across open positions, which concentrates attention on how such size would be unwound. ZEC's drop below $1,000 has rewarded the short side, but unrealized gains are not settled outcomes, and the gap between the ZEC-specific figure and the broader total suggests the book is not a pure directional bet. Whether these positions are reduced or rolled is the open question for Hyperliquid's liquidity and funding.
Generated by AI for reference only.
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