$190M in unrealized losses – Did crypto shorting strategy go wrong for Abraxas

Key Takeaways

Abraxas’s mounting short losses highlight how quickly the crypto market can turn against institutional bets. For traders, this is a reminder that real-time data and adaptive strategies remain the strongest defense.

Abraxas Capital Management Ltd, a prominent London-based investment firm, has found itself in the spotlight after suffering steep unrealized losses from a high-stakes crypto shorting strategy.

Abraxas Capital’s latest losses

On-chain data from Lookonchain revealed that two accounts linked to the firm initiated significant short positions against major digital assets. These included Bitcoin [BTC], Ethereum [ETH], Solana [SOL], Sui (SUI)