Abraxas Capital Faces $190 Million in Unrealized Losses

Abraxas Capital, a London-based investment manager, faces over $190 million in unrealized losses from crypto short positions, including a significant loss from a substantial Ethereum short.

These losses could impact market sentiment, reflecting increased volatility and potential shifts in institutional trading strategies.

Abraxas Capital’s $190M Losses in Crypto Shorting

Abraxas Capital’s current financial predicament stems from a series of short positions targeting ETH, BTC, SOL, HYPE, and SUI, cumulatively leading to an unrealized loss exceeding 190 million USD. On-chain monitoring by Lookonchain revealed that a significant portion of these losses originates from shorting 113,819 ETH, valued at over 483 million USD, with losses exceeding 144 million USD.

This situation, though unfavorable, follows a historical pattern for Abraxas Capital. The firm, known for its strategic market placements, has previously gained from such positions when market conditions were bearish. A notable figure is the 28 million USD earned through funding rate revenue, partially offsetting current unrealized losses.

The broader market reaction remains mixed, with significant attention from on-chain analytics platforms and social media. “As of August 10, 2025, there are no public statements from official Abraxas accounts or its leadership regarding the current losses.” — Luca Celati, Chief Risk Officer & Co-Founder, Abraxas Capital. Despite the unexpected extent of these short positions, no direct statements have been issued by Abraxas Capital or its leading figures, such as Chief Risk Officer Luca Celati.

Market Dynamics and Historical Context for Abraxas

Did you know? In the past, Abraxas Capital’s hedge shorts during market downturns have led to significant profits, contrasting sharply with their current losses amid the bullish cycle of summer 2025.

Ethereum, as of August 10, 2025, reports a price of 4,234.84 USD and a market dominance of 12.90%. With a 41.89% increase over the past 30 days, the cryptocurrency demonstrates rising investor confidence and market interest. Data sourced from CoinMarketCap.

Insights from the Coincu research team highlight several potential outcomes in the wider crypto market, especially for institutional investors engaged in short-selling. Historical trends emphasize the importance of market timing and strategic recalibration in light of increased volatility and price shifts.