Two linked Hyperliquid wallets tied to London firm Abraxas Capital Management carry roughly $1.58 billion in net short positions across major crypto assets, with bitcoin and ether the largest targets. The combined bitcoin and ether exposure sits near $948 million and currently shows a paper loss of about $114.5 million, though the positions could be hedges rather than a bet on a major market drop.
$1.58 Billion Short Book Surfaces on Hyperliquid
Two Hyperliquid wallets linked to the same entity are running a combined net short position of about $1.58 billion against a range of top crypto assets. Bitcoin.com News found the positions after the X account Hyperbot flagged them on Monday. As of 2:55 p.m. Eastern on Oct. 6, 2026, the wallets remain open and appear to run pieces of the same short book.
The tally includes 189,400 ETH and 5,120 BTC, according to onchain data from hypurrscan.io. Combined, the bitcoin and ether positions are worth roughly $948 million. The wallets currently carry a paper loss of about $114.5 million, though both addresses hold large deposits that could absorb further losses.
Blockchain explorers Nansen and Arkham Intelligence trace the wallets to Abraxas Capital Management, a London investment firm that manages billions. Arkham labels one address "Abraxas Capital Mgmt (Heka Funds)," and the entity's balances have grown significantly in recent times.
Hedge or Directional Bet
According to Hyperbot: "the positions alone do not establish the wallets' net market exposure", since spot holdings elsewhere could offset the short positions. The wallets also hold smaller shorts against SOL, HYPE, ENA, XRP, SUI, and PUMP, spreading the bearish bets across a wide set of tokens rather than concentrating only on bitcoin and ether.
A concentration of bearish positions like these can signal hedging or portfolio provisioning instead of inside knowledge of where the market will go next. Visible whale positioning can also shape crowd psychology among smaller traders watching the same perpetual futures order books. The size of the short book alone does not confirm the entity's true market view.
Source: Bitcoin News
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