Abraxas Capital has opened a massive short position on the decentralized perpetuals exchange Hyperliquid, with total short exposure reaching approximately $783 million, according to blockchain analytics firm Lookonchain.
The firm's largest new position is an Ethereum short worth around $100.06 million, carrying a liquidation price of $3,946.19. In parallel, Abraxas withdrew 73,872 ETH — valued at roughly $173.17 million — from Binance over the past four days, a move some analysts see as hedging or preparing liquidity for margin requirements.
Beyond Ethereum, Hyperscan data shows Abraxas holds additional short positions in other major cryptocurrencies: Bitcoin (BTC) worth $95.31 million with a liquidation price of $127,766.50; Hyperliquid (HYPE) worth $84.19 million with a liquidation price of $135.96; and Solana (SOL) worth $23.97 million with a liquidation price of $335.85. All positions reportedly use 5x leverage.
The scale of this bearish positioning signals that a major institutional player is betting on near-term downside across the crypto market. However, the published liquidation levels present a clear risk: if prices rally, forced buy orders could trigger short squeezes and amplify volatility. Traders are likely to monitor these liquidation thresholds as potential resistance levels.
This development highlights the influence of large whale positions on market sentiment and liquidity, particularly around Ethereum and major altcoins.
