Abraxas Capital Bets $500M Against Bitcoin, Ethereum, and Altcoins Amid Market Slide

UK-based investment firm Abraxas Capital Management is taking a bold bearish stance on the crypto market, shorting nearly $500 million worth of top cryptocurrencies. According to blockchain analytics platform Arkham Intelligence, Abraxas has opened massive short positions on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), HYPE, and SUI, signaling strong conviction that further price declines are ahead.

The firm has allocated $224 million to short BTC and $163 million to ETH, representing the bulk of its bearish portfolio. It also holds $57 million in shorts against HYPE, $44 million on SOL, and roughly $560,000 on SUI. Altogether, Abraxas has staked approximately $488 million, and it has already realized profits of around $13.3 million as the crypto market continues its downward trajectory.

This aggressive shorting strategy comes as investor sentiment turns increasingly negative. As of June 17, the total crypto market cap shed nearly $10 billion, intensifying concerns over prolonged market weakness. Both Bitcoin and Ethereum are struggling to hold key support levels, with BTC dropping over 7% from its recent all-time high.

Abraxas’ move suggests it anticipates heightened volatility and deeper corrections, especially in BTC and ETH, which make up more than half of its short exposure. With bearish pressure rising and crypto bulls on the defensive, market participants are watching closely for on-chain signals that could foreshadow further declines.

As institutional investors like Abraxas position themselves for continued turbulence, the broader crypto market faces renewed skepticism. The firm’s calculated bet underscores growing fears that the bear market may be far from over.