Abraxas, Wintermute and Fasanara Build Massive Hyperliquid Shorts After Crypto Rally

Several major crypto trading firms - Abraxas Capital, Wintermute, and what appears to be a Fasanara Capital-connected wallet - have accumulated substantial short positions in Hyperliquid following last week's market rally. The buildup comes after the previous wave of bearish leverage from smaller traders was liquidated during the price surge, leaving these larger players to establish fresh downside bets on the platform.

The positioning shift suggests divergence in outlook between institutional traders and smaller leverage users. These established firms are apparently betting against continued upside momentum in Hyperliquid, even as broader crypto markets recovered.

• Major trading desks Abraxas, Wintermute, and Fasanara have built large short books on Hyperliquid following a recent crypto rally that cleared out smaller traders' bearish positions.
• The move reflects a bet that Hyperliquid's price recovery may face resistance, positioning larger players differently from retail leverage traders.