Abraxas Capital is experiencing significant losses on its short positions in several cryptocurrencies as the market continues to rise. The firm holds short positions in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Sui (SUI), Hype (HYPE), and Fartcoin across two wallets on the HyperLiquid platform. These positions are currently facing a floating loss exceeding $131 million. The losses come as the broader cryptocurrency market experiences a boom, with major digital assets seeing substantial price increases. Abraxas Capital's strategy of betting against these rising assets has resulted in considerable financial pressure, highlighting the risks associated with short selling in volatile markets.