Abraxas Capital: Shorts $783M on Hyperliquid

Abraxas Capital has built roughly $783 million in short positions on Hyperliquid while simultaneously hedging via spot purchases, pulling 73,872 ETH valued at $173.17 million from Binance over the past four days.

Price action on the four-hour chart shows ETH at $2445.68 inside a bullish structure defined by the EMA50 at $2230.82 and EMA200 at $1999.24. With the pair testing the upper Bollinger Band resistance at $2517.42 and RSI at 66.95, a measured pullback toward the EMA50 support remains the most probable next move before any sustained continuation higher.