3 Trading Firms Still Short Bitcoin and Ethereum Despite Sharp Price Rally

Three trading firms—Abraxas Capital, Fasanara Capital and Wintermute—continue to hold short positions totalling more than $600 million in Bitcoin (BTC) and Ethereum (ETH) despite a recent price rally.

Short Position Size and Distribution

The firms collectively short 3,425 BTC worth about $265 million and 138,569 ETH worth roughly $338 million. Abraxas Capital holds the largest book, followed by Fasanara Capital and Wintermute.

Liquidation Levels Far Above Spot Prices

All positions have liquidation thresholds well above current market levels. The BTC shorts would only be liquidated if price rose about 66 % to roughly $128,000–$140,000, while ETH shorts would need a 62 % rise to around $4,000. Spot prices at the time of reporting were near $77,000 for BTC and $2,440 for ETH.

Unrealized Losses and Profitability

• Abraxas Capital carries about $58 million in unrealized losses across its four short positions.
• Fasanara Capital is approximately 18.9 % underwater on a $74.8 million ETH short, using 15× leverage.
• Wintermute remains marginally profitable on both assets, according to on‑chain data.

Market Context

The broader market rally triggered a wave of short liquidations, with $1.3 billion lost by short sellers in a 60‑minute window on August 19 as BTC rose 2.5 %. Subsequent liquidations reached $2.74 billion, affecting over 172,000 traders, and another $1.06 billion was lost over the following 24 hours.

Lookonchain notes that the remaining large short positions appear to belong to market‑making and hedging accounts rather than speculative whales, suggesting limited immediate pressure on these positions unless the rally continues sharply.