Abraxas Capital's address on Hyperliquid holds significant short positions in several mainstream cryptocurrencies, totaling $500 million. The positions include 10x shorts on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Sui (SUI), valued at $224 million, $163 million, $44 million, and $560,000, respectively. These strategic positions have resulted in a floating profit exceeding $18 million, according to Arkham data.