Three institutional trading firms—Abraxas Capital, Fasanara Capital, and Wintermute—maintain about $603 million in combined short positions on Bitcoin and Ethereum on the decentralized exchange Hyperliquid, even as Bitcoin surged past $70,000 and over $4 billion in crypto shorts were liquidated. Their shorts, totaling roughly 3,425 BTC and 138,569 ETH, have unrealized losses of around $75 million, suggesting a deliberate bearish bet or hedging strategy amid a strong rally driven by macroeconomic factors. The visible on-chain positions allow the market to monitor potential liquidations in real time, highlighting mixed institutional sentiment despite widespread short liquidations elsewhere.
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