The combined position remains underwater with ETH near $1,920, as Fasanara trims and then rebuilds its short exposure on Hyperliquid.
Fasanara Capital and Abraxas Capital are maintaining a combined Ethereum short position of about $108 million on Hyperliquid, with both trades still underwater as ETH stabilizes around $1,920. Fasanara accounts for roughly $67 million of the position and is currently facing a loss of about $3.5 million, while Abraxas holds about $41 million and is down around $1.5 million. Fasanara had reduced part of its short exposure but later returned to its original stance, underscoring continued conviction in the trade even as the position remains under pressure. The visible nature of leveraged shorts on Hyperliquid keeps the setup in focus because continued ETH strength could raise the risk of a short squeeze, while a renewed decline in the token could validate the bearish positioning. The report has also noted that both firms are associated with more complex hedged or market-neutral strategies rather than simple directional bets.