Two accounts linked to Abraxas Capital have incurred losses exceeding $106.6 million after shorting over $919.9 million in cryptocurrencies on the Hyperliquid platform. The accounts targeted assets including BTC, ETH, HYPE, and WLFI, with Bitcoin closing prices at $151,530 and $149,910. Despite these losses, Abraxas Capital maintains significant long positions, holding over $2.49 billion in BTC and $486 million in ETH. The firm may be engaging in funding rate mining on Hyperliquid, and potentially holds additional positions on Binance or other centralized exchanges, though these are not visible on-chain.