Abraxas Capital’s HYPE trade here is pretty惨—opened a position in May, took profit in November, and now adding again; the more you average down, the higher the average cost gets. With a -112% unrealized loss, they’re still holding hard—turning even the big whales into “the opposite of dead longs.”

CoinWorld News reports that Abraxas Capital’s main address increased its short position in HYPE by 24,398.57 units on May 22, 2026, roughly equivalent to $1,664,784.78. The address’s position size is $8,554,282.51; the average price has been adjusted from $43.63 to $46.36. Its current profit and loss is -$1,920,306.10 (-112.24%). The current HYPE price is $59.78, and the liquidation price is $142.93. The address began building its position in May; it was once a whale with the largest contract capital size on HyperLiquid. Since November, it has continued taking profits, and the position size has at one point reached $920 million.