Crypto Drama: Abraxas Shorts $500M and Laughs All the Way to the Bank! 💸😂

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So, Abraxas Capital Management has decided to play the ultimate game of crypto chicken, shorting over $500 million in digital currency. Yes, you heard that right! They’re basically betting that the prices of these cryptocurrencies are going to plummet faster than my self-esteem on a bad hair day. 🙈

According to the ever-reliable Arkham Intelligence (because who doesn’t trust a name like that?), their biggest bet is on Bitcoin (BTC) at a whopping $224 million. Next up is Ethereum (ETH) at $163 million, followed by a sprinkle of $57 million in Hyperliquid (HYPE), $44 million in Solana (SOL), and a tiny $560,000 in Sui (SUI). I mean, who knew shorting could be so… diversified? 😂

And guess what? They’re doing all this on-chain, which sounds super fancy and techy, like something out of a sci-fi movie. They’re moving funds from exchanges like Binance and Kraken to place their bets on the latest hotshot platform, Hyperliquid. So far, they’re up $13.3 million in profits. Not too shabby for a day’s work, right? 💰

Meanwhile, the crypto market is doing its usual dance of mixed signals. Bitcoin (BTC) is up by 0.73% to $104,552.33, while Ethereum (ETH) is feeling a bit more chipper with a 1.34% rise to $2,504.29. On the flip side, Solana (SOL) is down 1.20% at $144.87, and Hyperliquid (HYPE) is slipping by 0.54% to $38.59. Poor Sui (SUI) is having a rough day, dropping 2.09% to $2. Ouch! 😬

Oh, and let’s not forget the Ethereum shopping spree Abraxas went on between May 7 and May 20, where they splurged over $837 million on ETH. At one point, their total crypto holdings were over $959 million. But after this latest escapade, they’re down to a mere $513 million. Talk about a rollercoaster ride! 🎢

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2025-06-18 20:38