Fasanara Capital holds $67M short position on ETH via Hyperliquid, and it’s underwater

Fasanara Capital, an institutional asset manager overseeing roughly $5.7 billion in assets, is sitting on a sizable short position against Ethereum through the decentralized perpetuals platform Hyperliquid. The firm’s trading account, identified on-chain as BobbyBigSize, is part of a combined $108 million ETH short between Fasanara and fellow institutional player Abraxas Capital. Both positions are currently underwater, with ETH trading around $1,920. What the on-chain data shows Nansen’s on-chain tracking has linked BobbyBigSize’s activity directly to Fasanara Capital’s trading operations. The account has been consistently building high-leverage short positions across various crypto assets, with ETH being the primary target. Fasanara’s share of the combined short sits at approximately $67 million, while Abraxas Capital accounts for the remainder. Abraxas recently deposited $3 million USDC into Hyperliquid to expand its shorting exposure across both ETH and Bitcoin. Fasanara Digital, the firm’s crypto-focused arm, launched in 2018 and has built a digital asset platform managing around $500 million. The firm is known for quantitative trading approaches, which suggests these shorts m...