Abraxas Capital Doubles Down: $500M Short Bet Against Bitcoin, Ethereum & Altcoins as Markets Tumble

Wall Street's crypto skeptics just got a half-billion-dollar megaphone. Abraxas Capital is making a leveraged bet against the entire digital asset class—right as Bitcoin bleeds below key support levels.

The big short play

While retail traders panic-sell, this hedge fund sees blood in the water. Their massive short position targets not just BTC and ETH, but the entire altcoin casino. Someone's clearly not buying the 'buy the dip' narrative.

Timing the market—or timing themselves?

The move comes amid what crypto diehards call 'a healthy correction' and everyone else calls a 20% market implosion. Either Abraxas are genius contrarians—or they're about to learn why crypto markets eat shorts for breakfast.

Bonus jab: Nothing says 'sophisticated hedge fund strategy' like betting against an asset class that thrives on vaporware and memes.