Abraxas Capital, Fasanara Capital and Wintermute collectively hold approximately $603 million in short positions on Bitcoin and Ethereum on Hyperliquid, representing 3,425 BTC and 138,569 ETH. These positions show unrealized losses of around $75 million as of August 24. Between August 19 and 22, Bitcoin surpassed $70,000 and touched intraday highs near $77,000, triggering over $4 billion in crypto short liquidations across the market. Wintermute employs delta-neutral strategies, while Abraxas and Fasanara maintain a deliberate bearish stance that has expanded significantly since July. The on-chain transparency of these positions allows other market participants to track the build-up of losses in real time.
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