The Company That Started the Great Rally in Ethereum (ETH) Has Now Shorted Bitcoin (BTC) and These Four Altcoins!

While tensions in the Middle East have been rapidly increasing with the US attack on Iran, new developments have brought a decline in the cryptocurrency market.

While Bitcoin and altcoins experienced significant declines, an institutional investor who turned these declines into an opportunity made an unrealized profit of approximately $79.9 million from the short positions he opened.

On-chain analyst The Data Nerd X shared on his account that investment manager Abraxas Capital opened short positions in Bitcoin (BTC), Ethereum (ETH), Hyperliquid (HYPE), SUI and Solana (SOL).

The analyst stated that the 2 wallets identified as belonging to Abraxas Capital had 5x-10x leveraged short positions in BTC, ETH, HYPE, SUI and SOL, and that they made an unrealized profit of approximately $79.9 million.

“2 wallets (owned by Abraxas Capital) are currently short BTC, ETH, HYPE, SUI and SOL. They are making a total of approximately $79.92 million in unrealized profits.”

Abraxas Capitals decision to open a highly leveraged short position at 10x indicates that the company is focusing more on risk management in the crypto space and aims to protect its portfolio against potential price fluctuations by employing significant risk mitigation strategies amid the current market volatility.

Bitcoin began to recover after the decline and rose above $102,000.