Abraxas Capital's strategy to short Bitcoin, Ethereum, and Solana has resulted in significant losses exceeding $107 million as the market trends upwards, according to Lookonchain.
Abraxas Capital has reported a floating loss of over $107 million from shorting Bitcoin, Ethereum, and Solana on the Hyperliquid platform. This strategy, intended to hedge their spot positions, has backfired as the cryptocurrency market continues to rise, leading to substantial losses for the firm.