Abraxas Builds $783M Hyperliquid Short, Hedges ETH as BTC Hits $77.5K

Abraxas Capital holds a $783 million short position on Hyperliquid, while bitcoin's biggest weekly rally since March 2023 forces bearish bets to unwind. Abraxas, Fasanara Capital, and Wintermute together hold onchain short positions of 138,569 ETH and 3,425 BTC. The move comes as BTC hits $77.5K, highlighting whale resistance to the surge.