Abraxas Rakes in $13.3M Profit from Bold $500M Crypto Short Play

Hedge fund Abraxas just turned crypto volatility into a payday—shorting half a billion in digital assets and pocketing $13.3M. Not bad for a day’s work in the casino… sorry, 'markets.'

How They Did It

While retail traders HODL’d through another dip, Abraxas pounced—leveraging institutional-grade tools to bet against crypto’s froth. The move netted a 2.66% return in a sector where most funds barely beat inflation.

Why It Matters

Short plays like this prove crypto’s maturing—big money now profits on the way down too. Just don’t expect them to share the hedge fund playbook with diamond-handed degens.

The Bottom Line

Another reminder that in crypto, the house always wins… even when it’s betting against itself.

All these positions are being executed on-chain, meaning directly through blockchain protocols rather than traditional platforms. Data shared by Arkham shows that Abraxas is shifting funds from exchanges like Binance, kraken as well as Aave to place Leveraged bets on currently trending platform Hyperliquid. So far, the firm is already up $13.3 million in profits from these bets. Their wallet address is 0x5b5d51203a0f9079f8aeb098a6523a13F298C060.

Meanwhile, the crypto market showed mixed movement over the past 24 hours. Bitcoin (BTC) rose by 0.73% to $104,552.33, while Ethereum (ETH) gained 1.34% to reach $2,504.29. On the other hand, Solana (SOL) declined by 1.20%, trading at $144.87, and Hyperliquid (HYPE) slipped 0.54% to $38.59. Sui (SUI) dropped the most, falling 2.09% to $2.

Earlier, between May 7 and May 20, Abraxas went on a major ethereum (ETH) accumulation spree, purchasing over $837 million worth of ETH. At that time, the firm’s total crypto holdings stood at over $959 million,with the majority of its current holdings still in ETH. However, after this major step that figure has since dropped to $513 million.

Also Read: Crypto Trader James Wynn Lost $100M, Says He ‘Lost Control’