Recent developments at Abraxas Capital Management have led to significant losses. The fund experienced a $40 million loss after opening large short positions in the cryptocurrency market.
Overall Losses and Overview
Abraxas Capital Management suffered a loss of $40 million after opening short positions amounting to over $430 million within ten days. Trading data reveals that the fund made significant bets against the market, resulting in unexpected consequences.
Investment Data and Movements
According to data from Arkham, Abraxas opened large short positions on BTC, ETH, HYPE, SOL, and SUI. Specifically, the BTC short, valued at $217.9 million, is currently showing a $5.24 million loss. Meanwhile, ETH and HYPE have also demonstrated significant losses. Conversely, SOL showed a profit of $30.59 million.
Portfolio and Asset Values
Currently, Abraxas holds $5.009 million in visible assets. The majority of funds are in AAVE v3 at $5 million, while ETH and USDC account for $971k and $9k respectively. Usage data indicates that Binance and Hyperliquid are their main liquidity partners.
Thus, Abraxas Capital finds itself in a challenging situation due to unprofitable investments in short positions. Nevertheless, the fund continues to actively manage its assets in the market.