Fasanara Capital and Abraxas Capital are maintaining significant short positions on Ethereum, totaling approximately $108 million. Fasanara Capital is short about $67 million on the HyperliquidX platform, currently facing a $3.5 million loss. Despite trimming their position, they have returned to their original short stance. Meanwhile, Abraxas Capital holds a $41 million short position, with losses of around $1.5 million. Both funds remain underwater as Ethereum's price stabilizes around $1,920.