According to @ai_9684xtpa, BTC fell from 10.7w to 8.5w in 11 days as the market trended lower, source: @ai_9684xtpa. Over the past 24 hours, total crypto liquidations reached 1.87 billion dollars with 87 percent from longs, and the 7-day total was 5 to 7 billion dollars with BTC contributing 40 to 60 percent, source: @ai_9684xtpa citing Surf asksurf.ai. Following last night’s drop, BTC and ETH open interest declined over 24 hours to 58.55 billion dollars and 32.72 billion dollars respectively, source: Surf via @ai_9684xtpa. Despite the drawdown, long accounts still dominate current OI; on Binance BTC the 24-hour long-to-short account ratio is 2.67 to 1 and top traders at 3.38 to 1, with most exchanges showing positive funding rates meaning longs are paying shorts, source: Surf via @ai_9684xtpa. Surf also notes that while long accounts outnumber shorts by roughly 2.5 to 3 to 1, trading volume has shifted to short-side dominance at 52 percent, indicating institutional flows are shorting, source: Surf via @ai_9684xtpa. Data was captured at 09:26 today and may have shifted since, source: @ai_9684xtpa.

According to Lookonchain, Abraxas Capital is actively shorting Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) using two wallets (0xB83D and 0x5b5d) on the Hyperliquid exchange with 10x leverage. The fund currently holds significant short positions, including 2,572 BTC ($288 million), 57,317 ETH ($151 million), and 504,957 SOL ($89.4 million). These leveraged shorts are likely deployed as a hedge against their spot portfolio (source: Lookonchain, May 22, 2025). The size and leverage of these trades can signal increased volatility and short-term downward pressure for major cryptocurrencies, especially as institutional players manage risk during market uncertainty. Traders should closely monitor on-chain activity for these wallets and Hyperliquid’s order books for potential liquidation events or sudden price swings.