Key takeaways:
- A whale tied to asset manager Fasanara Capital is holding a $38 million short position in crypto—but will it move Bitcoin’s price?
- Despite BTC’s recent gains, negative futures funding rates on Binance and Bybit signal an unusual surge in bearish bets.
Bitcoin (BTC) struggled to break above $78,000 on Friday, yet the broader outlook remains bullish. Since hitting a yearly low of $60,100 on Feb. 6, BTC has rallied 29%, with many analysts anticipating a sustained breakout. Meanwhile, a bearish whale on the Hyperliquid exchange continues to hold a sizable short position, having generated $159 million in profits over the past seven months. The question now is whether this trader’s stance offers a meaningful signal for the wider market.
The entity behind address 0x7fda…c517d1—known as BobbyBigSize—on the Hyperliquid exchange delivered standout performance during the October–November 2025 market crash, profiting from leveraged short positions in Ether (ETH), Hyperliquid (HYPE), Avalanche (AVAX), and even Fartcoin, among others. However, the account has struggled to maintain that momentum, posting a $561,000 loss over the past 30 days.
While the whale appears bullish on ETH, it remains bearish on Bitcoin and most altcoins. Using algorithmic strategies, it has previously executed short-term long trades in Bitcoin and Solana (SOL), contributing to a massive $11 billion in total trading volume on Hyperliquid. BobbyBigSize currently holds $19.4 million in assets on the platform, with 63% of its trades ending in profit—an impressive success rate.
BobbyBigSize is currently holding a $38 million short position in Bitcoin and several altcoins, while also opening a $21 million leveraged long position in Ether last week—signaling short-term confidence in ETH. Overall, the portfolio remains tilted bearish, pointing to expectations of a near-term market correction.
Trading patterns show an average holding period of just over two weeks, with the median position lasting under four days, according to Hyperdash data. Meanwhile, Arkham has previously linked the address to Fasanara Capital, a London-based institutional asset manager reported to oversee more than $5 billion in assets.
According to Fasanara Digital’s website, the firm was launched in 2018 and manages around $400 million across market-neutral strategies and venture investments. In addition, it oversees roughly $150 million through a quantitative multi-manager approach spanning various liquid markets. However, the details of its cryptocurrency strategy remain unclear.
Funding rates for BTC and ETH on Hyperliquid remain slightly positive, reflecting moderate demand for leveraged long positions. In typical conditions, longs pay annualized funding rates of 6% to 12% to maintain exposure. However, rates have turned negative on Binance and Bybit, pointing to an unusually strong appetite for bearish leverage.
Algorithmic traders can be erratic and unpredictable, and BobbyBigSize’s recent losses highlight how no single strategy consistently delivers. Still, the whale’s current bearish positioning mirrors the broader rise in short interest, suggesting traders shouldn’t rule out a potential retest of the $75,000 level for Bitcoin.
