Trading firms Abraxas Capital, Fasanara Capital, and Wintermute continue to maintain over $600 million in short positions in Bitcoin and Ethereum. According to blockchain tracker Lookonchain, these remaining positions function as market maker hedging accounts, with liquidation thresholds sitting significantly above current spot market levels.
Liquidation Prices Remain Far Above Spot
Recent policy moves and a sharp crypto market rally triggered a wave of short liquidations. On August 19, short sellers lost $1.3 billion within 60 minutes as Bitcoin climbed 2.5%, while total short liquidations reached $2.74 billion across 172,202 traders. An additional $1.06 billion in short positions was liquidated over the following 24 hours.
Despite the broader market wipeout of bearish bets, the three firms still hold short positions comprising 138,569 Ethereum valued at $338 million and 3,425 Bitcoin valued at $265 million. Abraxas Capital operates the largest book, with two Ethereum shorts liquidating at $4,008 and $3,958 compared to a spot price near $2,440. Abraxas Capital's Bitcoin shorts carry liquidation prices of $128,521 and $140,437 against a spot price of $77,381, while Wintermute's Bitcoin position does not face liquidation until $251,307.
None of these positions face immediate liquidation risk unless Bitcoin climbs 66% or Ethereum climbs 62% from current levels.
Firms Respond Differently to Unrealized Losses
Abraxas Capital holds approximately $58 million in unrealized losses across its four positions and has chosen not to close them. Fasanara Capital is 18.87% underwater on a $74.81 million Ethereum short utilizing 15X leverage, whereas Wintermute remains marginally profitable on both assets.
Additionally, Onchain Lens reported that Wintermute increased its short exposure on Hyperliquid. Wintermute raised its short exposure from $146.19 million to $190.77 million—adding roughly $44.58 million in shorts—while also depositing millions into Binance and experiencing $5.85 million in unrealized losses across various assets on Hyperliquid.
Market analysts note that the remaining short exposure largely reflects market-making and hedging activity rather than a generalized directional bearish bet. With liquidation levels distant from current spot prices, these positions are not expected to face immediate pressure unless the rally extends significantly.
