The cryptocurrency analysis platform Arkham has put forth claims regarding the activities of Abraxas Capital Management, suggesting the firm may be shorting the HYPE token.
Arkham's Discovery: $17 Million Trade
Arkham's analysis of on-chain data revealed that an account, which executed a sale of HYPE tokens worth $17 million, transferred funds to a Binance wallet that Abraxas Capital had previously deposited into.
Holdings of Abraxas Capital
Arkham also disclosed information about Abraxas Capital's significant holdings across various protocols, which include the following assets:
* 44,057K WSTETH ($133.28 million) * 37K AWSTETH ($111.87 million) * 32,882K AWETH ($82.47 million) * 677.51 LBTC ($70.65 million) * 19,184K WEETH ($51.5 million) * 2,557K STETH ($6.42 million) * 5M AUSDC ($5 million) * 482,216 EZETH ($1.27 million)
Abraxas Capital in the Crypto Market
The total value of the company's crypto holdings amounts to $462 million. These assets belong to the firm's well-known wallets, establishing Abraxas Capital as one of the largest whales in the cryptocurrency market.
Thus, the information provided by Arkham raises interest and may influence the future price movement of the HYPE token, considering Abraxas Capital's activities in the cryptocurrency sector.
