Abraxas builds $783M Hyperliquid short, withdraws 73,872 ETH
Abraxas Capital opened a $783 million short on Hyperliquid on Aug. 24 and moved 73,872 ETH off Binance over the four days before the trade as bitcoin neared $77,500.
On-chain data show Abraxas Capital built a roughly $783 million short position on Hyperliquid, a decentralized exchange for perpetual futures, on Aug. 24. The fund withdrew 73,872 ETH from Binance over the four days before the trade; that ETH was worth about $173.17 million at the time of transfer.
Two other firms, Fasanara Capital and Wintermute, held on-chain short exposure at the same time. Combined, Abraxas, Fasanara and Wintermute held short positions totaling 138,569 ETH and 3,425 BTC, valued at about $338 million and $265 million, respectively.
Bitcoin rose about 23% over the week to trade near $77,500. The price advance triggered roughly $2.5 billion in bitcoin short liquidations since Aug. 19. Over a three-day span, nearly $3 billion of leveraged BTC shorts and about $4.5 billion of liquidations across the broader crypto market were recorded.
U.S. spot bitcoin ETFs posted net inflows of about $1.9 billion last week, the largest weekly inflow since January. The U.S. Treasury outlined plans to at least double long-dated bond buybacks during the period; yields fell amid the market move.
Abraxas has been linked to an Elysium Global Arbitrage Fund and has previously paired short derivatives exposure with separate spot holdings. The recent ETH withdrawal occurred while the firm built the Hyperliquid short position.
President Trump urged the Senate to pass the CLARITY Act by Sept. 15, a deadline the White House said was important before the chamber returns from recess. The bill would set market-structure rules for digital assets if enacted.
Bitcoin remains below its October 2025 all-time high of $126,000 and has rallied from a June low near $58,642.
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