This Whale Is Shorting $783M on Hyperliquid — and Still Buying ETH

A Massive Two-Sided Bet

Trading firm Abraxas Capital has been making some very large, very deliberate moves in the ETH market lately. On one side, it's built a short position worth roughly $783 million on Hyperliquid. On the other, it just bought another 13,000 ETH (about $32.39 million) in spot, adding to a hedge that now totals well over a hundred million dollars in ETH bought straight from exchanges like Binance.

This isn't a bet that ETH goes down. It's a hedge — Abraxas is protecting its short from getting squeezed if price spikes, while still keeping the short on for whatever thesis is driving it. That kind of positioning takes serious capital and even more conviction.

What Traders Are Watching

With ETH sitting in the mid-$2,000s, the next test is whether it can push toward the $2,800 zone or slip back toward $2,200 support. Moves this size on Hyperliquid tend to move sentiment too, so don't be surprised if other large accounts start mirroring the hedge.