According to Lookonchain, Abraxas Capital is actively using two wallets (0xB83D and 0x5b5d) to short Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on Hyperliquid with 10x leverage, holding significant positions: 2,572 BTC ($288M), 57,317 ETH ($151M), and 504,957 SOL ($89.4M). This large-scale leveraged shorting, likely a hedge against their spot holdings, signals increased institutional risk management and may pressure market sentiment for these cryptocurrencies, especially as traders watch for potential volatility and liquidity shifts. (Source: Lookonchain on Twitter, May 22, 2025)

According to @EmberCN on Twitter, two whale addresses have opened large short positions on BTC, ETH, and SOL since the recent market rally using the Hyperliquid platform. The address 0xB83D transferred $29 million USDC to Hyperliquid since May 9 and opened $72.4 million in shorts with 5x leverage, shorting BTC at $103,538, ETH at $2,385, and SOL at $170.9. As of now, their floating losses have reached $3.44 million, indicating significant bearish bets remain underwater as prices trend higher (Source: @EmberCN Twitter, May 11, 2025). These large-scale leveraged short positions and their current losses may increase volatility and present potential liquidation risks, leading to heightened trading opportunities and price swings in the crypto market.