According to Lookonchain, Abraxas Capital is actively using two wallets (0xB83D and 0x5b5d) to short Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on Hyperliquid with 10x leverage, holding significant positions: 2,572 BTC ($288M), 57,317 ETH ($151M), and 504,957 SOL ($89.4M). This large-scale leveraged shorting, likely a hedge against their spot holdings, signals increased institutional risk management and may pressure market sentiment for these cryptocurrencies, especially as traders watch for potential volatility and liquidity shifts. (Source: Lookonchain on Twitter, May 22, 2025)