Analysis Firm Claims: Massive Cryptocurrency Fund Company May Be Shorting This Altcoin

Cryptocurrency analysis platform Arkham has made a remarkable claim: Abraxas Capital Management may be shorting the HYPE token that has attracted attention recently.

Based on on-chain data, Arkham discovered that an account that made a $17 million HYPE sale had transferred funds to a Binance wallet that Abraxas Capital had previously deposited funds into.

Arkham also shared details of Abraxas Capital’s known funds. The firm’s significant holdings across different protocols include:

• 44,057K WSTETH ($133.28 million)
• 37K AWSTETH ($111.87 million)
• 32,882K AWETH ($82.47 million)
• 677.51 LBTC ($70.65 million)
• 19,184K WEETH ($51.5 million)
• 2,557K STETH ($6.42 million)
• 5M AUSDC ($5 million)
• 482,216 EZETH ($1.27 million)

The company has a total of $462 million worth of cryptocurrencies. These, of course, belong to the company's well-known cryptocurrency wallets. With this amount, Abraxas Capital has become one of the biggest whales in the cryptocurrency market.

*This is not investment advice.