Abraxas Capital Increases $5M ETH Short Position Amid $78.7M Floating Loss
Main Idea
Abraxas Capital has increased its Ethereum short position by $5 million, facing a total floating loss of approximately $115 million across ETH, BTC, and other crypto assets, reflecting a strong bearish outlook on major cryptocurrencies.
Key Points
1. Abraxas Capital's Ethereum short position is valued at $299 million, opened at $2,826.72 per ETH, with a floating loss of $78.72 million and a liquidation price of $5,096.9.
2. The Bitcoin short position totals $345 million with a 10x leverage, showing a floating loss of $22.3 million.
3. Additional short positions include HYPE (5x leverage) with a $6.89 million loss and SOL (10x leverage) with an $8.51 million loss.
4. The firm's strategy indicates a strong bearish outlook on major cryptocurrencies, despite significant floating losses.
5. Leveraged shorts, especially at 10x, carry high liquidation risks if asset prices rise sharply, amplifying potential losses.
Description
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