$190M in unrealized losses – Did crypto shorting strategy go wrong for Abraxas?
Main Idea
Abraxas Capital Management Ltd faces nearly $190 million in unrealized losses from its short positions on cryptocurrencies like Ethereum, Bitcoin, and Solana, highlighting the risks of crypto market volatility.
Key Points
1. Abraxas Capital's short positions include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Sui (SUI), and Hype (HYPE), resulting in $190 million in unrealized losses.
2. The firm holds 113,819 ETH ($483M) in shorts, with over $144 million in losses from Ethereum alone.
3. Arkham Intelligence notes Abraxas Capital's holdings include $573 million in ETH and $69.4 million in HYPE, with a traditional portfolio heavily concentrated in Ethereum liquid staking tokens.
4. Market observers suggest Ethereum's price action may be influenced by large holders selling ETH after price rises, potentially leaving long-term holders with losses.
5. The article questions whether Abraxas Capital's short positions are hedges or a more complex strategy that could impact the crypto market balance.
Description
Are Abraxas Capital’s shorts really hedges, or something more complex that could tip the crypto balance?
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