Abraxas Capital, a London-based digital asset firm managing over $4 billion, has taken large short positions totaling around $783 million on Hyperliquid, including major tokens like ETH, Bitcoin, HYPE, and Solana. To hedge these short positions, the firm withdrew $173 million worth of Ethereum from Binance, maintaining a nearly balanced book through spot purchases. This strategy focuses on funding rate arbitrage, profiting from the difference between perpetual futures and spot prices rather than betting on price drops. Despite an unrealized loss of $80.8 million currently, Abraxas has historically realized over $300 million in profits and continues to adjust its exposure based on market conditions.
Ethereum's MVRV ratio formed a golden cross on August 19, triggering a 34% price surge from $1,905 to $2,547. Whale wallets holding over 10,000 ETH increased by 1.74%, with 17 new large holders joining, indicating strong buying interest. Additionally...
Ethereum's price jumped 31% in a week, driven mainly by a massive 1,514% increase in short liquidations averaging $131 million weekly. This forced short covering boosted trading volumes and pushed network activity higher, with base fees up 189% and f...
Term Finance, a DeFi lending protocol on Ethereum, lost about $8.5 million after a hacker exploited its DAO governance system by buying a majority of governance tokens at low cost. This allowed the attacker to approve malicious proposals and drain 2,...
A crypto analyst known as DonAlt shared bullish price targets for Ethereum and Bitcoin, suggesting Ethereum could hit $4,000 and potentially surge to $10,000 if strong resistance is overcome. Currently trading above $2,400, Ethereum faces a key resis...
XRP is experiencing its biggest weekly gain since late 2024, rising between 30% and 67% after the US Treasury announced it would double its long-term bond buyback program from $2 billion to $4 billion per operation starting September 9. This move has...
