According to Lookonchain, Abraxas Capital is actively shorting Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) using two wallets (0xB83D and 0x5b5d) on the Hyperliquid exchange with 10x leverage. The fund currently holds significant short positions, including 2,572 BTC ($288 million), 57,317 ETH ($151 million), and 504,957 SOL ($89.4 million). These leveraged shorts are likely deployed as a hedge against their spot portfolio (source: Lookonchain, May 22, 2025). The size and leverage of these trades can signal increased volatility and short-term downward pressure for major cryptocurrencies, especially as institutional players manage risk during market uncertainty. Traders should closely monitor on-chain activity for these wallets and Hyperliquid’s order books for potential liquidation events or sudden price swings.

According to @EmberCN, two whale accounts, 0x5b5d and 0xB83D, have successfully turned losses into profits by shorting BTC, ETH, and SOL with significant leverage since May 9. Whale 0x5b5d used $50.5M USDC with 5x leverage to short $228M worth of BTC, ETH, and SOL, now realizing an unrealized profit of $6.38M (source: EmberCN on Twitter, hypurrscan.io/address/0x5b5d). These high-leverage positions by whales indicate strong short sentiment and have caused increased volatility and liquidations in the crypto market. Traders should monitor large on-chain short positions as they can impact price direction and risk levels for BTC, ETH, and SOL.

According to Lookonchain, a major crypto whale deposited $50.5 million USDC into Hyperliquid to short Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) using 5x leverage. Following the recent market downturn, the whale's positions have turned profitable, with over $3.5 million in unrealized gains. This significant short activity and profit-taking highlight increased bearish sentiment among large traders, which may exert further downward pressure on BTC, ETH, and SOL prices in the short term. Source: Lookonchain (x.com/lookonchain/status/1922099994942738683), Hypurrscan (hypurrscan.io/address/0x5b5d).