Abraxas Capital has piled into a $783 million short position on Hyperliquid even as bitcoin’s biggest weekly rally since March 2023 forces billions of dollars in bearish bets to unwind elsewhere.
Key Takeaways
Abraxas Capital built a $783 million Hyperliquid short and hedged with an ETH withdrawal on Aug. 24.Bitcoin’s 23% weekly surge triggered roughly $2.5 billion in BTC short liquidations since Aug. 19.Trump wants the Senate to pass the Clarity Act by Sept. 15, a deadline that could shape the rally’s next leg.Wintermute and Fasanara Capital, both established crypto market makers, have carried Hyperliquid short exposure through previous bitcoin run-ups without it derailing their books. Firms of this size typically size derivatives exposure against separate spot or lending positions rather than trading on conviction alone.
