Three cryptocurrency trading firms—Abraxas Capital, Fasanara Capital, and Wintermute—continue to hold substantial short positions totaling more than $600 million in Bitcoin and Ethereum, according to analysis from blockchain tracker Lookonchain. The positions consist of 138,569 Ethereum tokens valued at $338 million and 3,425 Bitcoin tokens worth $265 million. Lookonchain identified these accounts as market maker hedging operations rather than speculative short bets.
The cryptocurrency market experienced a significant rally fueled by policy developments, triggering widespread liquidations among short sellers. On August 19, short positions were liquidated at an accelerated pace, with traders losing $1.3 billion within a 60-minute window as Bitcoin increased 2.5%. The broader liquidation wave reached $2.74 billion as approximately 172,202 traders were forced out of their positions. Additional losses of $1.06 billion occurred over the subsequent 24-hour period.
Despite the market volatility, the three firms remained protected by liquidation thresholds positioned substantially above current price levels. Abraxas Capital’s Ethereum shorts would face liquidation at $4,008 and $3,958, compared to spot trading near $2,440, while its Bitcoin shorts would liquidate at $128,521 and $140,437 against a spot price of $77,381. Wintermute’s Bitcoin position would not liquidate until $251,307. These pricing dynamics mean no position faces immediate liquidation pressure unless Bitcoin climbs 66% or Ethereum climbs 62%.
Abraxas Capital reported approximately $58 million in unrealized losses across its four positions without closing any of them. Fasanara Capital remained underwater by 18.87% on an Ethereum short carrying $74.81 million in value at 15X leverage. Wintermute maintained marginal profitability on both assets. Separate tracking by Onchain Lens showed Wintermute raising short exposure on the Hyperliquid platform, which carried $5.85 million in unrealized losses across various positions. The remaining short exposure appears primarily reflective of routine market-making and hedging activities rather than broad bearish positioning.
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