Fasanara Capital, a $5.7 billion asset manager, holds a $67 million short position against Ethereum on the decentralized exchange Hyperliquid. The trade is part of a combined $108 million institutional short that is currently underwater with ETH trading at $1,920. On-chain data from Nansen linked the firm's trading account, BobbyBigSize, to the position.
A $5.7 billion asset manager holds a $67 million ETH short on Hyperliquid, underwater with ETH at $1,920.
Nansen's on-chain tracking identified the firm's trading account, BobbyBigSize, which has been building high-leverage short positions across crypto assets, according to data from the analytics platform. Fasanara Capital's crypto arm, Fasanara Digital, launched in 2018 and manages roughly $500 million in digital assets.
Fasanara's share of the combined short is approximately $67 million, while Abraxas Capital accounts for the remaining $41 million, for a total of $108 million in institutional shorts on Hyperliquid. Abraxas recently deposited $3 million USDC into the platform to expand its shorting exposure across both ETH and Bitcoin. Fasanara is known for quantitative trading strategies, suggesting the short may be part of a broader hedged approach rather than a pure directional bet. Abraxas Capital typically runs delta-neutral and arbitrage strategies, meaning its position could be offset by long exposure elsewhere.
If ETH holds above $1,920, the pressure to unwind these shorts could trigger a short squeeze, where forced buying to close losing positions pushes prices higher. A break below current support would validate the institutional thesis and could accelerate downside. Traders are watching whether BobbyBigSize reduces or adds to its position — on-chain transparency on Hyperliquid means any move is visible in real time.
Previous notable ETH shorts on Hyperliquid have exceeded $100 million at leverage ratios as high as 23x, according to the platform's on-chain data. Hyperliquid is a decentralized perpetuals exchange with on-chain settlement, making every trade verifiable. That transparency allowed analysts to track the BobbyBigSize account and link it to Fasanara's trading operations.
This article is for informational purposes only and does not constitute investment advice.
