Abraxas Capital's short positions on Hyperliquid have grown to $𝟭.𝟮𝗕 notional, with unrealized losses exceeding $𝟭𝟬𝟬𝗠 as BTC pushes higher. Two wallets are involved — 0xb83d and 0x5b5d — both verifiable on Hypurrscan. A $1.2B short underwater by $100M+ is one of the largest exposed short builds on Hyperliquid. If BTC continues higher, forced covering could amplify the squeeze. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: This is the whale-level view of the short squeeze driving BTC above $84K. Abraxas faces growing liquidation risk if BTC holds above $83K — the larger the unrealized loss, the more likely forced covering becomes, which feeds back into upward pressure. The asymmetry favors the squeeze side until these shorts are unwound or BTC reverses below their break-even. BTC perps on Hyperliquid let traders position on either side of this squeeze setup — the same venue where these shorts are held. https://hypurrscan.io/address/0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36#perps source: lookonchain Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2644