According to Lookonchain, Abraxas Capital's two wallets on Hyperliquid have generated more than $112 million in total profits by shorting BTC, ETH, and SOL with 10x leverage as a hedge against their spot holdings (source: Lookonchain via Twitter, hyperdash.info). This substantial profit highlights the effectiveness of leveraged short strategies during recent market downturns and signals significant institutional participation in derivatives trading. Traders should monitor such large hedging activity, as it can impact liquidity and short-term price volatility for BTC, ETH, and SOL.