Key takeaways:
- A whale affiliated with asset manager Fasanara Capital has a $38 million brief crypto position, but will this impact Bitcoin’s price?
- Negative futures funding rates on Binance and Bybit indicate extraordinary demand for bearish positioning despite recent BTC price increases.
Bitcoin (BTC) struggled to break above $78,000 on Friday, but the overall setup remains bullish. BTC has gained 29% since the yearly low of $60,100 on February 6, and many analysts believe it is on the verge of a long-term breakout. At the same time, the Bitcoin bear whale on the Hyperliquid exchange maintained a huge brief position. Over the past seven months, the whale has earned $159 million. Does its positioning give any signal that the market should pay attention to?
Hyper-liquid whale profit and loss data. Source: CoinGlass
The entity behind the address 0x7fda…c517d1 (also known as BobbyBigSize) on Hyperliquid exchange succeeded during the October-November 2025 market crash by placing brief leveraged bets on Ether (ETH), Hyperliquid (HYPE), Avalanche (AVAX), and Fartcoin, among others. The account failed to maintain profits, resulting in a loss of $561,000 over the last 30 days.
The whale is bullish on ETH but bearish on BTC and altcoins
Using algorithmic trading, the whale has entered short-term long positions in Bitcoin and Solana (SOL) in the past, resulting in a staggering $11 billion in trade volume on the Hyperliquid exchange. BobbyBigSize currently has assets worth $19.4 million deposited on the platform. 63% of transactions end with positive results, which is considered very successful.
Current BobbyBigSize positions, USD. source: Hyperdash
Currently, BobbyBigSize has a $38 million brief position in BTC and multiple altcoins. Last week, the trader also opened a leveraged long ETH position worth $21 million, indicating short-term confidence. Overall, portfolio positioning is bearish, suggesting a short-term correction is expected.
Related: Bitcoin’s critical trend change is already in effect, but analysts say a daily close above 80,000 is required. dollars
According to Hyperdash data, the average trade duration on BobbyBigSize was just over two weeks, while the median position held for less than four days. Arkham records previously linked this address to Fasanara Capital, a London-based institutional asset manager. The company reportedly manages over $5 billion in assets.
Source: X/Arkham
According to its website, Fasanara Digital was launched in 2018 and has $400 million under management across market-neutral strategies and venture investments. At the same time, a quantitative approach involving multiple managers in various liquid markets manages $150 million. However, the strategy behind the fund’s approach to cryptocurrency has not been clearly defined.
Hyperliquid DEX Annual Funding Rates. Source: Hyperliquid.xyz
Funding rates for BTC and ETH rated slightly positive for Hyperliquid, indicating moderate demand for leveraged long positions. In neutral circumstances, longs pay 6% to 12% annual interest rates to maintain their positions. Currently, funding rates on Binance and Bybit are negative, signaling extremely high demand for bearish leverage.
Algorithmic traders are inconsistent and unpredictable, and the losses suffered by “BobbyBigSize” over the last few months prove that no single trading strategy lasts forever. However, this whale’s bearish position is consistent with increased demand for leveraged brief positions; therefore, Bitcoin investors should not dismiss the possibility of a retest of the $75,000 level.
