BTC briefly broke above $84K, pushing Abraxas Capital’s combined unrealized losses on BTC and ETH shorts to roughly $111M. Across two monitored addresses, the fund currently holds: BTC shorts: • 3,475.11 BTC • Position value: ~$291M • Unrealized loss: ~$40.29M ETH shorts: • 174,700 ETH • Position value: ~$473M • Unrealized loss: ~$70.73M Combined exposure: • Short positions: ~$764M • Unrealized loss: ~$111M One address alone holds a 1,364.45 BTC short with an average entry near $71,329. It has been open for roughly 74 days and is currently down about $17M. Despite BTC reaching $84,234 and ETH continuing higher, neither monitored address has shown a significant reduction in exposure. What to watch next: • Whether BTC can hold above $84K • Whether Abraxas begins reducing the shorts • Whether additional margin is added • Whether ETH becomes the larger source of pressure The position is deeply underwater, but no liquidation price is shown. The next signal will come from the fund’s actions—not the headline loss alone.