3 Trading Firms Still Short Bitcoin and Ethereum Despite Sharp Price Rally
Abraxas Capital, Fasanara Capital, and Wintermute still hold over $600 million in short positions in Bitcoin (BTC) and Ethereum (ETH).
Blockchain tracker Lookonchain identified the positions as market maker hedging accounts. Their liquidation prices sit far above current market levels.
Liquidation Prices Sit Far Above Spot
The crypto market rally, fueled by policy moves, triggered a wave of short liquidations. BeInCrypto reported that on August 19, short sellers lost $1.3 billion within 60 minutes as Bitcoin climbed 2.5%.
The broader sell-off in bearish positions intensified, with short liquidations reaching $2.74 billion as 172,202 traders were liquidated. Short sellers then lost another $1.06 billion over the following 24 hours.
Lookonchain said the largest remaining on-chain short positions now appear to belong to market makers' hedging accounts.
"It seems that all the big whales have been liquidated in this price surge! Currently, the largest short positions on the blockchain are held by market makers' hedging accounts," Lookonchain posted.
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