Abraxas Capital hedged short BTC, ETH, and SOL on Hyperliquid, with a floating loss of more than $25 million

PANews news on May 22, according to Lookonchain, Abraxas Capital used addresses 0xB83D and 0x5b5d on Hyperliquid to short BTC, ETH, and SOL with 10x leverage, possibly as a spot position hedging strategy. Currently holding short positions of 2,572 BTC (worth $288 million), 57,317 ETH (worth $151 million), and 504,957 SOL (worth $89.4 million), with floating losses exceeding $25 million.