Hupzy (Spot On Chain)|8月 24, 2026 03:46
Price surge liquidated directional whale shorts on Hyperliquid; the largest remaining shorts are MM hedges. Abraxas Capital, Fasanara Capital, and Wintermute collectively hold $𝟲𝟬𝟯𝗠 short: 138,569 ETH ($338M) and 3,425 BTC ($265M).
Abraxas separately withdrew 73,872 ETH ($173M) from Binance over 4 days as a spot hedge covering ~22% of its short notional — consistent with hedging, not a naked directional bet.
𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: The liquidation of directional bears is a 𝗯𝘂𝗹𝗹𝗶𝘀𝗵 𝗰𝗹𝗲𝗮𝗿𝗮𝗻𝗰𝗲 signal — leveraged shorts were forced out. What remains is MM hedging infrastructure, structurally neutral. The key watch: if these positions unwind, short-covering adds buy pressure; if they grow, it signals distribution. Either way, the absence of large directional shorts removes a key downside catalyst.
https://hypurrscan.io/address/0x5b5d51203a0f9079f8aeb098a6523a13F298C060#perps
source: lookonchain
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