Abraxas Capital builds $783M short positions on Hyperliquid, hedges with $173M in ETH withdrawals

Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled a staggering short position portfolio on Hyperliquid while simultaneously withdrawing $173.17 million in Ethereum from Binance over four days. The dual-pronged strategy paints a picture of a firm betting aggressively on price declines across major tokens while keeping a hefty spot cushion to manage risk. The numbers are eye-catching. Across two wallets on Hyperliquid’s decentralized perpetual futures platform, Abraxas holds roughly $598 million in predominantly short positions. That includes $193.9 million short on ETH, $175.4 million short on Bitcoin, $141.6 million short on Hyperliquid’s native HYPE token, and $65.8 million short on Solana. A whale that keeps adding weight Abraxas isn’t just sitting on these positions. The firm has been actively increasing exposure, adding approximately $19.5 million in gross shorts within a two-hour window recently. Since mid-2025, the firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid, frequently ranking as the platform’s largest single whale. At its peak, the short book reportedly exceeded $900 ...