Bitcoin’s rise from around $62,000 to above $77,000 last week liquidated $3 billion in leveraged short positions while reopening a cash-and-carry opportunity for major crypto trading firms. Onchain data tracked by Lookonchain shows Abraxas Capital, Fasanara Capital and Wintermute collectively hold short positions equivalent to 138,569 ETH, worth about $338 million, and 3,425 BTC, worth roughly $265 million, on Hyperliquid. Arkham Intelligence data shows Abraxas withdrew 73,872 ETH, valued at approximately $173 million, from Binance over four days. The firms can pair spot holdings with perpetual-futures shorts to reduce directional exposure and collect funding payments from bullish traders. Bitcoin funding remains positive, with rates around 0.01% per eight hours on major exchanges; Coinalyze puts aggregated hourly rates at 0.0109% for bitcoin and 0.0087% for ether. Aegis measured 30-day and seven-day annualized bitcoin funding averages at 6.7% and 8.7%, respectively, while 21shares Capital Markets said the basis remains rich but funding is at standard levels. The strategy had become unattractive during much of February through July, when funding was compressed or negative as bitcoin fell from above $120,000.