Hyperliquid Wallets Build $1.58B Short Position Against BTC and ETH

Key Facts

1Two linked massive wallets on Hyperliquid hold a combined net short exposure of approximately $1.58 billion.

2The short positions primarily target Bitcoin and Ether amid ongoing price consolidation.

Two linked massive wallets on the Hyperliquid platform have established a combined net short exposure of approximately $1.58 billion. Bitcoin.com reported that these positions primarily target Bitcoin and Ether, involving 5,120 BTC and 189,400 ETH, alongside smaller short positions against other assets including SOL and XRP.

Blockchain explorers such as Nansen and Arkham Intelligence have identified the addresses as belonging to Abraxas Capital Management, a London-based investment firm. The positions, which included approximately $948 million in BTC and ETH exposure as of October 6, 2026, emerged during a period of price consolidation and may serve as a hedge against existing spot holdings held by the firm.