Golden Finance reports that, as monitored by Onchain Lens, during the fluctuations in the cryptocurrency market, Abraxas Capital demonstrated acute market insight and bold operation strategies on the HyperLiquid platform. Its two wallets on the HyperLiquid platform have achieved floating profits of over 55 million US dollars by shorting a variety of popular crypto assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), HYPE and Sui (SUI).
Abraxas Capital Management is an asset management company headquartered in London and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. The company was jointly founded by Fabio Frontini and Luca Celati in 2002. It focused on the traditional financial field in the early days and ventured into Bitcoin asset investment as early as the end of 2014. In 2017, the company announced that it would shift its business focus to the field of digital assets. Its Heka Funds became a core investment platform dedicated to digital assets, with assets exceeding 3 billion US dollars. Heka Funds manages three major funds, including Elysium Global Arbitrage Fund, Alpha Bitcoin Fund and Alpha Ethereum Fund.
This short selling operation on the HyperLiquid platform might be based on Abraxas Capital’s precise prediction of the market trend. Recently, the prices of cryptocurrencies have fluctuated frequently, and the prices of various mainstream crypto assets have declined to varying degrees. Take Bitcoin as an example. Over the past period of time, its price has fluctuated significantly due to the influence of various factors such as the macroeconomic environment, regulatory policy expectations, and market sentiment. Abraxas Capital may have perceived the downside risks of the market in advance and established short positions resolutely, thereby achieving profits during the process of price decline.
From the perspective of operational motives, apart from simple speculative profits, it is also possible that neutral strategies such as cross-exchange capital fee arbitrage are being carried out. In the cryptocurrency market, there are differences in funding rates among various trading platforms. By establishing opposite positions on different platforms, one can take advantage of this rate difference to achieve stable returns. Meanwhile, short selling can also serve as a risk hedging tool to balance the risks of other long positions in one’s investment portfolio.
This operation has also had multiple impacts on the market. On the one hand, its large-scale short selling activities may have intensified the downward pressure on the prices of related crypto assets. In a downward market trend, short-selling operations by institutions often trigger market panic, leading more investors to follow suit and sell off, further depressing asset prices. On the other hand, the profit performance of Abraxas Capital has also attracted market attention and may trigger other investors or institutions to study and imitate its operation strategies.
Looking back at the past investment strategies of Abraxas Capital, different emphases have been demonstrated at different stages. In early 2025, the company’s founder, Fabio Frontini, publicly expressed confidence in Tether and maintained close trading relations with Tether through his Heka Funds. In terms of investment in crypto assets, it purchased 2,949 Bitcoins worth over 250 million US dollars in the first four days of April 19th, demonstrating its optimism about the long-term value of crypto assets. In May, Abraxas Capital operated frequently, withdrawing nearly 270,000 ETH cumulatively from CEX, and flowing a large amount of ETH funds to the Ethereum DeFi protocol. At the same time, it was also conducting spot hedging operations of BTC, ETH and SOL, with a total profit of over 13 million US dollars.
This time, achieving a short position floating profit of over 55 million US dollars on the HyperLiquid platform once again demonstrates Abraxas Capital’s ability to flexibly apply investment strategies to obtain returns in the complex and volatile environment of the cryptocurrency market. Whether it will continue to expand its short position in the future or choose to close it after making a profit, and how this operation will affect its overall investment portfolio, are all worth the continuous attention of investors in the cryptocurrency market.
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