June 20, 2025
at
12:00 am
EST
MIN READ
Abraxas-linked Address Shorting HYPE
Suspected Abraxas Capital account, 0xB83, on Arkham
A Hyperliquid account, 0xB83, has been found with a $17.4M short position on Hyperliquid’s native token, HYPE, alongside another $246M in short positions on BTC, ETH and SOL. The account is currently holding an unrealized profit of $8M, with an all-time profit of over $20M. This account has been suspected to be under the control of digital asset management firm, Abraxas Capital Management. This is due to past deposits to a Binance deposit address, 0xc29, which has been used by known Abraxas Capital addresses.
Deposits to Binance Deposit address 0xc29
The firm has over $3.6B in assets under management and is known for their delta-neutral arbitrage fund, which manages over $1.37B in assets. These positions could be the short legs of the fund, which is further supported by the address’s holdings of ~$17.3M in HYPE, of which 460,674 tokens, or $17M worth are staked.
