Abraxas Capital’s Ethereum Shorts Suffer Over $190 Million in Unrealized Losses

Abraxas Capital, a prominent player in the cryptocurrency market, is facing substantial losses from its short positions on Ethereum (ETH). The firm’s strategic hedging against its spot holdings has backfired significantly, resulting in over $190 million in unrealized losses. 113,819 ETH, valued at roughly $483 million, are currently held in short positions, and this position is down more than $144 million due to the market’s recent rally.