According to Cas Abbé (@cas_abbe), Abraxas Capital is currently shorting Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), even while accumulating ETH in their spot portfolio. This approach is a classic hedging strategy aimed at minimizing portfolio risk, as confirmed by transaction data shared on Twitter. Abraxas Capital’s short positions are currently facing unrealized losses exceeding $20 million, but their spot ETH holdings may offset some of these losses if the market reverses. For crypto traders, this signals that large institutions are actively managing risk through both spot accumulation and derivatives trading, which may impact short-term volatility in BTC, ETH, and SOL markets. Source: Cas Abbé (@cas_abbe), May 22, 2025.

According to Lookonchain, two wallets, likely belonging to the same whale, have shorted Bitcoin (BTC) with 6x leverage following a price increase, at entry points of $92,469.1 and $92,664.8. The combined position size is $74.5 million, with liquidation prices set at $107,220 and $107,160. This strategic move suggests the whale anticipates a potential price correction. Such high-leverage positions indicate a strong bearish sentiment and could influence market volatility. Traders should monitor these positions closely for potential impacts on BTC price action.