Abraxas, Fasanara and Wintermute Maintain Strong $600M BTC-ETH Short Hedges

TL;DR

• Abraxas, Fasanara and Wintermute maintain more than $600 million in combined Bitcoin and Ether shorts, with liquidation levels at least 62% above spot prices.
• Abraxas holds roughly $783 million in Hyperliquid short exposure and withdrew 73,872 ETH worth about $173.17 million from Binance to reinforce its hedge.
• Nearly $3 billion in leveraged Bitcoin shorts were liquidated over three days, yet these institutional positions remain open and appear primarily market-neutral hedges.

Abraxas Capital, Fasanara Capital and Wintermute are maintaining more than $600 million in combined Bitcoin and Ether short exposure even after a violent crypto rally erased billions in bearish positions. Onchain tracking shows the firms hold shorts totaling 138,569 ETH worth about $338 million and 3,425 BTC valued near $265 million. The remarkable detail is that these positions survived while heavily leveraged whales were forced out. Their liquidation levels remain far above spot prices, suggesting the books are structured less like fragile directional bets and more like institutional hedges designed to withstand substantial upside.

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