Raising hands for Qunut
In the name of Allah, the most Beneficent, the most Merciful.
Imam Bukhari (RA) narrates a hadith that Saaiduna Abdullah Ibn Masud Radiallahu Anhu would recite in the last rakah of witr Qulhuwallahu Ahad and then raise his hands for Qunut before the ruku.
Furthermore, Imam Bukhari (RA) also brings a hadith from Saaiduna Umar Radiallahu Anhu that he would raise his hands in Qunut.(Ilaaus Sunan p.84 v.6)
With regards to your question on why the Hanafis fold their hands after doing takbeer of Dua Qunut and do not keep up as it is done in the Shafi Fiqh is based on that the Sunnah of standing in salah is that a person folds his hands. Only Imam Malik (RA) was of the view that the hands should be left hanging on the side.
Only Allah Knows Best
Mohammed Tosir Miah
Darul Ifta Birmingham