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Shorting crypto goes horribly wrong, firm loses millions
On-chain data from market analytics firms Lookonchain and Arkham Intelligence suggest that London-based crypto asset manager Abraxas Capital is suffering almost $20 million in unrealized losses because of shorting multiple cryptocurrencies. Abraxas Capital Management Ltd. manages alternative assets and offers financial investment management and consultation. Lookonchain reports that two Abraxas accounts have taken large short positions in Bitcoin, Ethereum, Solana, Sui network, and Hyperliquid to hedge their spot positions, resulting in over $190 million in unrealized losses. The two Abraxas accounts held more than ... (full story)
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