Digital assets fund manager, Abraxas Capital Management, is currently short almost $500M worth across BTC, ETH, HYPE, SOL and SUI. Their positions are held on one of their publicly tracked wallets, 0x5b5, which have opened the positions on perpetual DEX, Hyperliquid. The portfolio is currently up more than $17M.
Despite their seemingly large short, Abraxas Capital is known to run a delta-neutral fund, Elysium Global Arbitrage Fund, which has amassed more than €1.2B (~$1.376B) in assets under management since its launch in 2018. On their publicly tracked wallets, they also hold more than $464M in assets, with the majority in various liquid staked ETH and BTC tokens. As such, it is plausible that these short positions are simply the short legs of their delta-neutral positioning.
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