Abraxas Capital Opens $100M ETH Short, Hedges with $173M Binance Withdrawals

BitcoinWorld Abraxas Capital Opens $100M ETH Short, Hedges with $173M Binance Withdrawals Abraxas Capital, a major crypto investment firm, has opened a significant short position on Ethereum (ETH) worth approximately $100.06 million on the Hyperliquid platform, according to blockchain analytics firm Lookonchain.

The firm has been actively hedging this position by withdrawing 73,872 ETH, valued at around $173.17 million, from the Binance exchange over the past four days.

Position Details and Liquidation Levels Hyperscan data reveals that the ETH short position carries a liquidation price of $3,946.19.

This means that if Ethereum’s price rises to that level, the position would be automatically closed, potentially resulting in significant losses for Abraxas.