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Bitcoin struggled to hold above $78,000 on Friday, even as the broader outlook remains bullish. BTC is up 29% since the $60,100 yearly low on Feb. 6, and some analysts believe a longer-term breakout may be near. Against that backdrop, a large “whale” position on Hyperliquid—linked to address 0x7fda…c517d1 (also known as BobbyBigSize)—has maintained substantial short exposure to Bitcoin and several altcoins, raising the question of whether the positioning offers any actionable signal for near-term market outcomes.
The Hyperliquid account behind 0x7fda…c517d1 previously performed strongly during the market crash from October to November 2025, using leveraged short bets across assets including Ether (ETH), Hyperliquid (HYPE), Avalanche (AVAX), and Fartcoin. More recently, however, the account has not sustained those gains, recording a $561,000 loss over the past 30 days.
While the whale is described as bullish on ETH, it is positioned bearish on BTC and multiple altcoins. It currently holds $38 million in short positions across BTC and several altcoins. At the same time, it opened a $21 million leveraged long position in ETH last week, suggesting confidence in ETH in the near term.
Using algorithmic trading, the account previously opened short-duration long positions in Bitcoin and Solana (SOL), generating $11 billion in trades on Hyperliquid. BobbyBigSize currently has $19.4 million in assets deposited on the platform. Of its trades, 63% have resulted in positive outcomes, which is characterized as highly successful.
Hyperdash data indicates the average trade duration is slightly longer than two weeks, while the median position lasts for less than four days.
Arkham data previously linked the address to Fasanara Capital, a London-based institutional asset manager that reportedly manages over $5 billion in assets. Fasanara Digital’s website states it launched in 2018 and manages $400 million across market-neutral strategies and venture investments, alongside a quantitative multi-manager approach managing $150 million across various liquid markets. The cryptocurrency-specific strategy behind the fund was not clearly specified in the source material.
On Hyperliquid, annualized funding rates for BTC and ETH are slightly positive, indicating moderate demand for leveraged long positions. Under neutral conditions, longs typically pay 6% to 12% annualized funding rates to maintain positions. In contrast, funding rates are negative on Binance and Bybit, signaling unusually high demand for bearish leverage.
Algorithmic traders can be erratic, and the recent losses by BobbyBigSize over the past couple of months underscore that no single trading strategy lasts indefinitely. Still, the whale’s bearish positioning appears consistent with the increased demand for leveraged short positions reflected in negative funding rates on Binance and Bybit.
As a result, Bitcoin traders are not advised to dismiss the possibility of a retest of the $75,000 level, even though the broader setup remains bullish.
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