The key takeaways
- Will a whale associated with asset manager Fasanara Capital’s crypto short positions of $38 million impact Bitcoin?
- Binance and Bybit have negative funding rates for futures contracts, indicating a rare demand to be bearish despite BTC’s recent gains.
Bitcoin (BTC), although it struggled on Friday to move above $78,000, the setup overall remains positive. BTC is up 29% since its low point of $60,100 in February. Many analysts think it’s on the cusp of a long-term break out. A bearish Bitcoin Whale on Hyperliquid Exchange has also maintained a significant short position. Over the last seven months, this whale made profits of $159,000,000. Can its positioning be interpreted as a signal to the market that it should take note of?
Data on hyperliquid whale profits and losses. Source: CoinGlass
The entity behind address 0x7fda…c517d1 (also known as BobbyBigSize) on Hyperliquid exchange During the crash of October and November 2025, I excelled by using leveraged bets to place short bets in Ether (ETH), Hyperliquid(HYPE), Avalanche(AVAX) and Fartcoin. This account failed to maintain its gains and has suffered a loss of $561,000 over the last 30 days.
The whale is bearish on BTC, altcoins and ETH but bullish on ETH
The whale used algorithmic trading to open short-duration positions long in Bitcoin (BTC) and Solana(SOL). This resulted in an astounding $11 billion worth of trades at Hyperliquid. BobbyBigSize has $19.4 Million in assets on the platform. The platform has a 63% success rate in its trading.
Current positions of BobbyBigSize, USD. Source: Hyperdash
BobbyBigSize currently holds a short position of $38,000,000 in BTC, as well as multiple altcoins. Last week the trader opened an leveraged long position of $21million in ETH, which indicates short-term optimism. Portfolio positioning generally is negative, indicating an expected short-term corrective move.
Related: Critical Bitcoin trend change in works, but analysts say daily close above $80K required
Data from Hyperdash shows that the average position duration was less than 4 days. Arkham’s data had previously associated this address with Fasanara Capital. This is a london-based asset manager. According to reports, the company manages assets worth over $5 billion.
Source: X/Arkham
Fasanara Digital, according to its website launched in 2018, and currently manages 400 million dollars across venture investments and market-neutral investment strategies. Parallel, $150 million is managed by a multi-manager quantitative approach on various liquid markets. The fund did not specify the exact strategy it used to approach cryptocurrency.
Source: Hyperliquid.xyz Annualized funding rates. Source: Hyperliquid.xyz
Funding rates for BTC Hyperliquid showed a modestly positive reaction from ETH, indicating a mild demand for leveraged position longs. In neutral situations, longs will pay annualized rates between 6 and 12 percent to keep their position. Binance and Bybit are currently experiencing negative funding rates, which indicates an unusually high level of demand for leverage.
Algorithmic trading is unpredictable and erratic. Losses by “BobbyBigSize” Over the last couple of months, there has been evidence that no trading strategy can be relied upon indefinitely. The whale’s negative positioning is in line with an increased demand for short-term leveraged trades. Bitcoin traders, therefore, should not rule out a possible retest at the $75,000 mark.
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Source: cointelegraph.com
