Abraxas Capital is reported to hold $1.2 billion in short positions on Hyperliquid, with more than $100 million in unrealized losses. That figure differs from an earlier Onchain Lens estimate, cited by Odaily, that the address 0x5b5...8c060 held $704 million in perpetual futures, including short positions in ETH, BTC, HYPE and SOL, with $101 million in unrealized losses. The earlier breakdown attributed $41.23 million of losses to ETH, $23.36 million to BTC, $17.05 million to HYPE and $15.76 million to SOL, while historical cumulative profit was reported at $79.06 million. The new account also describes Hyperliquid as having zero 24-hour volume and a current price of $0.