Abraxas Capital Faces Significant Losses on Crypto Short Positions

According to BlockBeats, a cryptocurrency address identified by Arkham as belonging to Abraxas Capital has recently increased its Ethereum (ETH) short position by $5 million, utilizing a 10x leverage. Despite this move, the overall ETH short position remains at a floating loss of $78.72 million. The details of the ETH position are as follows: the total position size is $299 million, with an opening price of $2,826.72 and a liquidation price of $5,096.9. The current unrealized loss stands at $78.72 million. In addition to the ETH position, the address has also incurred a floating loss of $22.3 million on its Bitcoin (BTC) short position, which is valued at $345 million with a 10x leverage. Other significant short positions include HYPE, with a 5x leverage and a floating loss of $6.89 million, and SOL, with a 10x leverage and a floating loss of $8.51 million. Overall, the address's total floating loss from these hedged short positions is approximately $115 million.