Abraxas Capital opens $100.06M ETH short, hedges with spot withdrawals

Abraxas Capital opened an ETH short position worth about $100.06 million on Hyperliquid and has been hedging it by withdrawing 73,872 ETH worth $173.17 million from Binance over the past four days, according to Lookonchain. Hyperscan data showed the liquidation price for the ETH short at $3,946.19. Abraxas also holds short positions worth $95.31 million in BTC, $84.19 million in HYPE and $23.97 million in SOL, with liquidation prices of $127,766.50, $135.96 and $335.85, respectively. All of the positions use 5x leverage, bringing the total short exposure to about $783 million.