Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled roughly $783 million in short exposure on Hyperliquid, a decentralized futures exchange, using 5x leverage. The position was built even as Bitcoin surged 23% in one week to about $77,500, its strongest rally since March 2023. The book includes $100.06 million short ETH, $95.31 million short Bitcoin, $84.19 million short HYPE, and $23.97 million short Solana. To hedge, the firm withdrew 73,872 ETH worth $173.17 million from Binance over four days. Abraxas has realized more than $300 million in profits mainly via funding-rate arbitrage by pairing short perpetual futures with nearly equal spot holdings, and is carrying an unrealized loss of $80.8 million on the current book after previously cutting exposure from $760 million to about $270 million before rebuilding.