Hyperliquid Whale Holds $38M Bitcoin Short as Bearish Bets Rise Despite Market Strength

A major trader on Hyperliquid is drawing attention after holding a $38 million short position against Bitcoin and several altcoins. The whale, identified by wallet address 0x7fda…c517d1 and known as “BobbyBigSize,” has generated approximately $159 million in profits over the past seven months, though recent performance shows a $561,000 loss over the last 30 days.

The trader previously capitalized on the October–November 2025 market crash by placing leveraged short bets on assets including Ether, Avalanche and Solana. Overall, the account has executed roughly $11 billion in trades on the platform, with about 63% of trades ending profitably, a success rate considered high among active derivatives traders.

Mixed Portfolio Signals Short-Term Caution

Despite maintaining bearish positions on Bitcoin and several altcoins, the trader recently opened a $21 million leveraged long position in Ether, suggesting short-term confidence in ETH while remaining cautious about broader market conditions. Data shows the whale currently holds about $19.4 million in deposited assets on Hyperliquid.

Average trade duration for this account has been slightly more than two weeks, with the median position lasting less than four days, reflecting a short-term, algorithm-driven trading strategy. Blockchain analytics from Arkham previously linked the wallet to Fasanara Capital, which reportedly manages over $5 billion in assets. Its digital arm launched in 2018 and oversees about $400 million in market-neutral and venture strategies, alongside $150 million managed through quantitative multi-manager approaches.

Funding Rates Reflect Rising Bearish Sentiment

Funding rate data highlights unusual market positioning. On Hyperliquid, funding rates for Bitcoin and Ether remain slightly positive, meaning leveraged long traders are still paying modest fees. However, major exchanges such as Binance and Bybit are showing negative funding rates, indicating strong demand for bearish leverage despite Bitcoin’s recent rally.

Bitcoin has struggled to break above $78,000, yet the broader market outlook remains constructive after the cryptocurrency climbed 29% from its yearly low of $60,100 recorded on Feb. 6. Analysts note that while large whale positions can influence sentiment, algorithmic trading strategies are unpredictable, and recent losses by the whale suggest that no single approach consistently dominates market direction.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.