- Three trading firms hold $603 million in short positions on Hyperliquid, with $75 million in unrealized losses.
- Abraxas Capital accounts for $58 million of the paper loss while hedging with spot purchases from Binance.
- Hyperliquid (HYPE) reached an all-time high of $83.27 on Sunday, generating $6 million in daily fees.
- Bitcoin and Ethereum both rose over 1%, with retail sentiment remaining extremely bullish.
Three major trading firms are nursing roughly $75 million in unrealized losses on Hyperliquid after shorting Bitcoin and Ethereum during a price surge that liquidated larger whale accounts, Lookonchain reported on Sunday. Abraxas Capital, Fasanara Capital, and Wintermute collectively held shorts of $338 million in Ethereum and $265 million in Bitcoin, totaling $603 million.
Hyperliquid (HYPE) hit a record high of $83.27 on the same day, pushing crypto prices higher. The platform’s daily fees exceeded $6 million, surpassing the top five blockchains combined.
Consequently, Abraxas Capital faced the largest paper loss of about $58 million. The firm had built roughly $783 million in short positions on the venue while simultaneously withdrawing 73,872 ETH worth $173 million from Binance over four days to hedge.
Fasanara Capital was down about $16.6 million across its two positions. Wintermute emerged as the exception, entering near $2,447 on ETH and $77,665 on BTC, leaving it marginally in profit on both, according to additional on-chain data.
Lookonchain noted that these positions became the largest short positions on the blockchain after the price surge. The trigger prices for liquidation ranged from $3,946 to $4,988 on ETH shorts and $128,521 to $251,307 on BTC shorts.
Meanwhile, spot exchange-traded funds tracking HYPE held net assets of $360.39 million as of Friday, up from $265.54 million a week earlier, according to SoSoValue data. HYPE Spot ETFs saw total weekly net inflows exceeding $3.8 million.
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