Abraxas Capital is experiencing significant financial strain as two of its accounts report unrealized losses exceeding $190 million from short positions in cryptocurrencies including Ethereum (ETH), Bitcoin (BTC), Solana (SOL), HYPE, and SUI. The firm is notably holding 113,819 ETH in short positions, valued at $483 million, which alone accounts for over $144 million in losses. The substantial losses highlight the volatility and risk associated with shorting major cryptocurrencies, as market conditions have moved unfavorably against Abraxas Capital's positions. This development underscores the challenges faced by institutional investors in navigating the unpredictable crypto markets.