- Abraxas lost $40M shorting BTC, ETH, and HYPE despite gains on SOL.
- $14M USDC and 9.9k ETH rotated through Hyperliquid and Aave fast.
- The Arkham flow map shows Abraxas cycling funds across top platforms.
Abraxas Capital Management has taken a sharp $40 million hit after shorting over $430 million in crypto within ten days. On-chain trading data reveals a heavy directional bet against the market that has turned against the fund’s high-conviction strategy.
Heavy Shorts Trigger Massive Unrealized Losses
According to Arkham, Abraxas opened massive short positions across BTC, ETH, HYPE, SOL, and SUI. The BTC short, valued at $217.9 million, now shows a $5.24 million loss with Bitcoin trading above $109,000. The fund placed this trade at an entry of $106,763 and now risks liquidation near $144,549.
ETH is also in play, with a $118.1 million short currently down by $2.45 million. HYPE follows with a $58.3 million bet, now reflecting $2.04 million in unrealized loss. These trades alone account for over $9.7 million in bleeding exposure.
Not every position is under pressure. SOL has brought in a $30.59 million profit, riding a long entry at $153 to a mark price over $362. A small SUI long also shows $209,748 in gains from a base of just $59,000.
On-Chain Capital Movement Remains Aggressive
Recent wallet activity shows Abraxas moving millions across bridges and DeFi protocols. According to a report by Arkham Intelligence, two identical inflows of $14 million in USDC entered its internal wallet structure. Each inflow was followed by $7 million routed through Hyperliquid.
In a mirrored ETH sequence, 9,906 ETH was sent out through Aave and then returned using the same protocol. A separate $12.36 million inflow came from the null address, signaling a likely mint of 5.457 AETHW. The most recent transfer-$3.59 million in USDC-headed back to Hyperliquid.
These flows are structured and intentional, showing fast-paced rotation rather than idle holding.
Visual Flow Map Confirms Strategic Routing
Arkham’s entity map shows consistent inbound liquidity from Binance, Kraken, and Ghost. These green streams feed directly into the main ACM wallet. Redirection patterns then spread across bridges, internal wallets, and the Hyperliquid network.
Outflows dominate the right side of the flow map, with dense, multi-lane transfers pointing to coordinated cross-chain activity. Each move appears tactical, not random. This positioning reflects continuous capital cycling through secured, known platforms.
Portfolio and Custody Data Reflect Execution
Abraxas holds $5.009 million in visible wallet value. AAVE v3 holds the largest position $5 million-while ETH and USDC sit at $971k and $9k, respectively. Usage data confirms Binance and Hyperliquid as their top liquidity partners. Most funds appear already deployed.
