Abraxas Capital Adds $18.26M to Shorts; Two Wallets Down $81.08M

The scale stands out more than the direction: a single entity holding roughly $973 million in shorts across four major tokens, and still adding size despite mounting unrealized losses. That concentration makes these two addresses a position worth monitoring, because forced unwinds of this magnitude would not stay contained to ETH, BTC, SOL and HYPE. Whether Abraxas keeps averaging into a losing short, or begins reducing, is the open question — and the answer likely shows up first in those four order books.