Woofun AI reports that Abraxas, Fasanara, and Wintermute maintained substantial short positions in Bitcoin and Ether, surviving market volatility that eliminated other participants.

As of August 24, 2026, these entities held combined hedges valued at $600 million while Bitcoin traded near $77,381. This specific price level and date frame the context for their exposure limits.

Woofun AI data shows that heavily leveraged whales were forced out on Hyperliquid during this period. The contrast highlights how institutional thresholds differed from retail leverage strategies.

This outcome reflects sophisticated risk management rather than a failed bearish thesis. The survival of these shorts amid an aggressive rally suggests calculated hedging remains viable.