Fasanara Capital, a London-based quantitative asset manager, holds a $67 million ETH short on Hyperliquid via an on-chain wallet labeled « BobbyBigSize ». This position represents institutional-grade capital executing multi-billion-dollar strategies entirely on a decentralized venue, which would have seemed implausible two years ago. The short may serve as a hedge against spot ETH holdings, an offset in a basis trade, or part of a market-neutral spread rather than a straightforward bearish directional bet. Hyperliquid has achieved execution quality and liquidity depth comparable to centralized exchanges, attracting serious institutional derivatives flow and enabling nine-figure notional exposures on-chain. Analysts can now track Fasanara’s position size changes, collateral modifications, and wallet-level positioning in real time, providing unprecedented transparency into institutional crypto activity.
Source: Read the original article
