Abraxas Capital Doubles Down: Aggressive Short Positions Target ASTER, Ethereum, and Solana

Hedge fund bets big against crypto giants as market volatility intensifies.

Positioning Against the Pillars

Abraxas Capital executes coordinated short strategy across three major digital assets—piling pressure on ASTER's niche ecosystem while targeting Ethereum's dominance and Solana's scalability narrative. The moves signal institutional skepticism despite recent market rallies.

Timing the Tech

Short positions accumulate during September's trading fluctuations, leveraging technical indicators that suggest potential corrections. The fund's algorithmic systems detect weakening support levels across all three assets, triggering aggressive position-building.

Market Impact Dynamics

Large-scale shorting creates immediate liquidity pressure while potentially amplifying downward momentum. Trading volumes spike as automated systems react to the positioning—classic Wall Street tactics meeting decentralized finance's 24/7 markets.

Because nothing says 'conviction' like betting against innovation while collecting management fees.

Whales move in opposite directions

Meanwhile, large holders are displaying mixed behavior. Spot On Chain reported that whales “0xFB3” and “0x5bd” accumulated $62.5 million worth of ASTER within the last day. 

[Update] The first two whales added another $62.5M in $ASTER to their bags over the past 24 hours!

1️⃣ Whale “0xFB3” withdrew another 26M $ASTER ($59M) #Gateio, now holding 50M $ASTER ($105M) in total.

2️⃣ Fresh whale “0x5bd” further withdrew 1.56M $ASTER ($3.52M) from #Bybit,… https://t.co/QrFoWkCXIy pic.twitter.com/RpjVSQ7DDR

Wallet 0xFB3 now holds 50 million ASTER worth $105 million after repeated withdrawals from Gate.io. Wallet 0x5bd also increased its bag to 8.28 million ASTER after fresh withdrawals from Bybit.

Olaxbt confirmed this trend on X, stating: “Abraxas Capital’s sleek flow: ~846M total position, $41M+ ETH short squeeze. ETH & SOL impacted—soft currents shift.?” 

Abraxas Capital’s sleek flow: ~846M total position, $41M+ ETH short squeeze. #ETH & #SOL impacted—soft currents shift. Peek my vibe? pic.twitter.com/LNlCUnVMet

Market signals flash bearish

Olaxbt further shared a chart showing Bitcoin (BTC) slipping from $117,800 to $111,673, intensifying selling pressure intensified with volume spikes during price drops. 

The Cumulative Volume Delta (CVD) is showing lower highs, which is definitely a bearish sign. Moreover, the Money FLOW Index (MFI) has dropped to 26.70, getting close to oversold territory. This could mean that BTC might experience a short-term bounce, but it’s still facing significant downside risks.

Furthermore, according to Hyperliquid Whale Tracker, whales own $10.01 billion in assets. At $5.35 billion, shorts outnumber longs at $4.66 billion. Long exposure is the primary cause of the -$237.13 million in unrealized losses. 

In contrast, longs pay $47.64 million in funding costs, while shorts receive $156.70 million, making them the preferred option.

Abraxas Capital’s heavy shorting shows that big players are betting on prices dropping. If selling keeps building on ASTER, ETH, and SOL, the market could get even more volatile.

Also Read: Millions Liquidated after ethereum price Drops 4.2% in 24 Hrs