Hyperliquid whale runs $38M BTC short as Binance and Bybit funding turns negative
The same wallet also opened a $21M leveraged ETH long while BTC struggled to hold above $78,000 on Apr. 25.
A Hyperliquid whale wallet, 0x7fda…c517d1 (“BobbyBigSize”), is holding a $38 million Bitcoin short alongside shorts in multiple altcoins as BTC stalls in the high-$70,000s. At the same time, BTC and ETH funding was slightly positive on Hyperliquid but negative on Binance and Bybit, pointing to elevated demand for bearish leverage on major CEXs.
Key Takeaways
- The Hyperliquid wallet 0x7fda…c517d1 (“BobbyBigSize”) is shown holding a $38 million BTC short alongside shorts in multiple altcoins.
- A $21 million leveraged ETH long was opened last week even as the broader book leaned short BTC and alts.
- BTC and ETH funding was slightly positive on Hyperliquid, while Binance and Bybit funding was negative at the time referenced.
- Bitcoin was up 29% from the $60,100 yearly low on Feb. 6 but struggled to trade above $78,000 on Apr. 25.
BobbyBigSize’s $38M BTC Short Lands as BTC Stalls Near $78K
A large, visible BTC short is sitting on Hyperliquid at a moment when spot has stopped making progress. The address 0x7fda…c517d1, labeled “BobbyBigSize,” was shown holding a $38 million short position in Bitcoin alongside shorts in multiple altcoins.
The timing matters because BTC has already rebounded hard off the Feb. 6 yearly low of $60,100 and was described as up 29% from that print. Yet on Apr. 25, Bitcoin struggled to trade above $78,000, leaving the market in a familiar regime where price is elevated but momentum is not clean.
Arkham previously linked the wallet to Fasanara Capital, described as a London-based institutional asset manager that reportedly manages over $5 billion. The excerpt does not include confirmation from Fasanara or details on Arkham’s attribution methodology, so the linkage is best treated as context rather than proof of institutional intent.
Funding Divergence: Hyperliquid Slightly Positive vs Binance/Bybit Negative
Perpetual futures funding is the recurring payment between longs and shorts that keeps perp prices anchored to spot. When funding is negative, shorts typically pay longs, which often reflects heavier demand to hold short exposure with leverage.
In this case, BTC and ETH funding was described as slightly positive on Hyperliquid, implying moderate demand for leveraged longs on that venue. On Binance and Bybit, funding was negative at the time referenced, signaling unusually strong demand for bearish leverage on the largest centralized venues even as BTC held the high-$70,000s.
That split supports a cautious read: bearish leverage demand looks elevated despite the rebound from $60,100. It is not a deterministic signal for downside, but it does tell traders where the marginal appetite is showing up and where positioning pressure could build if price fails to break higher.
Inside the Book: BTC + Alt Shorts, Plus a $21M Leveraged ETH Long
The portfolio construction is not a simple “short everything” posture. Alongside the $38 million BTC short and multiple altcoin shorts, the same trader opened a $21 million leveraged long in ETH last week, pointing to a relative-value or hedged stance rather than a single-direction macro bet.
The account’s track record adds nuance. It was described as having generated $159 million in profits over the past seven months, but also posting a $561,000 loss over the past 30 days. The wallet was also described as using algorithmic trading, with $11 billion in cumulative trades on Hyperliquid, and holding $19.4 million in assets deposited on the platform.
Hyperdash data cited in the excerpt put the average trade duration at slightly longer than two weeks, with a median position lasting less than four days. That short holding-period profile is why the wallet is more useful as a live positioning datapoint than a standalone signal to mirror.
Signals to Watch for Hyperliquid whale $38M BTC short signal
The first threshold is whether BTC can reclaim and hold above $78,000 after struggling at that level on Apr. 25. If price keeps rejecting there while major-venue funding remains negative, the market is effectively advertising that shorts are willing to pay to stay in the trade.
A spot retest of $75,000 is the clean near-term level implied by the setup described, particularly if negative funding persists on Binance and Bybit while Hyperliquid funding stays slightly positive. The other actionable tell is whether 0x7fda…c517d1 meaningfully changes exposure over the next one to two weeks, which matches the account’s typical holding-period profile. Adds to the BTC short, trims, or a full closure would each change the read on whether this is a tactical hedge or a conviction bet.
Why $75K Becomes the Near-Term Level if Negative Funding Persists
I treat this as a positioning story first, not a prophecy. A $38 million BTC short that everyone can see, paired with negative BTC and ETH funding on Binance and Bybit, tells me the market is paying up for bearish leverage even after a 29% rebound from $60,100.
The threshold that matters is still price: repeated failure above $78,000 while funding stays negative is the kind of mix that keeps a $75,000 retest in play without needing a new headline catalyst. This only becomes practically important if the funding regime stays skewed and BTC cannot convert $78,000 from resistance into support.
