Abraxas Capital nets $301M profit shorting Hyperliquid

Crypto asset manager Abraxas Capital has accumulated $301 million in profit from short positions on Hyperliquid (HYPE), Hyperinsight reported. The firm currently holds $47.3 million worth of HYPE while maintaining a $63 million short position in the futures market. Additionally, Abraxas Capital's total short positions across various cryptocurrencies, including BTC and ETH, amount to $141 million. The asset manager has been building these short positions since May of last year.