Abraxas Capital has accumulated a short position worth approximately $783 million on the decentralized perpetual futures exchange Hyperliquid, even as a major weekly rally in bitcoin forced billions of dollars in bearish bets to unwind across the broader market. On-chain data indicates that Abraxas also withdrew 73,872 ether, valued at roughly $173.17 million, from Binance to add to its hedging strategy.
The positioning coincides with bitcoin trading near $77,500, marking a roughly 23% increase over the week and its strongest weekly performance since March 2023. The surge triggered significant liquidations, including nearly $3 billion in leveraged bitcoin short positions and $4.5 billion across the broader crypto market over a three-day period. The market movement followed Treasury Secretary Scott Bessent's plan to increase long-dated bond buybacks, which pushed yields lower and revived interest in risk assets.
Alongside Abraxas, market makers Fasanara Capital and Wintermute have maintained on-chain short positions totaling 138,569 ether and 3,425 bitcoin, valued at $338 million and $265 million respectively. Market participants of this size typically utilize derivatives exposure as a hedge against separate spot or lending holdings rather than making outright directional wagers.
Additional market momentum has come from U.S. spot bitcoin ETFs, which recorded more than $1.9 billion in net inflows last week, representing their largest total since January. Meanwhile, regulatory developments continue to draw attention as President Trump pushes the Senate to pass the CLARITY Act by a September 15 deadline to establish clearer digital asset trading rules.
