Abraxas Capital Executes High-Leverage Shorts, Inciting Market Volatility

Abraxas Capital has raised eyebrows with its high-leverage short positions across Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on the Hyperliquid exchange. The actions have resulted in over $25 million in floating losses and sparked significant market discussion. Analysis of Abraxas’s on-chain activity reveals a sophisticated strategy utilizing 10x leverage to sell these assets, potentially signaling a hedging approach to mitigate exposure.