Three trading firms, Abraxas Capital, Fasanara Capital and Wintermute, hold over 600 million dollars in short positions on Bitcoin and Ethereum. On August 19, short sellers lost 2.74 billion dollars in liquidations, with 172,202 traders affected. The liquidation prices of these three firms sit far above current levels, requiring a 66% climb for Bitcoin or 62% for Ethereum before triggering. Abraxas Capital shows the largest unrealized losses at approximately 58 million dollars, while Fasanara Capital is 18.87% underwater on a 74.81 million dollar Ethereum short at 15X leverage. These short positions reflect market-making and hedging activity rather than directional bearish bets.
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