Abraxas Capital Management has taken a strong stance in the crypto market by shorting over 500 million USD worth of digital currencies, betting on their prices declining.
The firm’s most significant short positions include Bitcoin (BTC) at 224 million USD and Ethereum (ETH) at 163 million USD, alongside other positions in Hyperliquid (HYPE), Solana (SOL), and Sui (SUI).
Abraxas has already made 13.3 million USD in profits from these actions. Their holdings notably decreased from 959 million USD to 513 million USD after a massive acquisition of Ethereum in recent weeks.
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