Brothers, Lao Xu has discovered a big whale stirring up trouble in the market!
An institution called Abraxas Capital deposited $29 million into Hyperliquid in just 3 days and has been aggressively increasing its short positions in BTC, ETH, and SOL since yesterday afternoon.
Let's look at the key data:
His sub-address short position surged from $67.75 million to $253 million, nearly quadrupling in 3 days.
The main address is also synchronizing short positions.
Total positions increased from $480 million to $690 million, an increase of a full $210 million.
Specific cryptocurrency distribution:
$ETH Shorts: $226 million → $273 million
$BTC Shorts: $124 million → $239 million
This guy is now determined to be bearish—shorting with full positions at both addresses, ranking first in holdings on Hyperliquid.
Interestingly, he just closed part of his short positions last week to withdraw nearly 100 million USD, transferring funds to Binance. Now he’s back to doubling down on shorts, indicating he thinks this downward trend isn’t over yet.
The movements of such a large whale are worth being cautious about, but there's no need to follow blindly. Large fund hedging strategies are complex and may just be part of his overall layout.
Old Xu believes the key is to manage positions well and handle risk management. The market has opportunities when there are fluctuations, but survival comes first.
What do you all think? Do you believe this bearish wave can succeed? Let's discuss in the comments!
