A large trader active on Hyperliquid is keeping a $38 million short position in bitcoin, putting the spotlight on the possibility of a short-term correction.

Cointelegraph, a blockchain outlet, reported on the 25th that the trader is placing bearish bets not only on bitcoin but also on several altcoins.

Even so, it is hard to view it as a signal that bitcoin’s overall trend has turned bearish. Bitcoin failed on the 24th to hold above $78,000, but it is still up 29 percent from this year’s low of $60,100 on Feb. 6. Many in the market still see the possibility of a medium- to long-term breakout.

The account in question is Hyperliquid address 0x7fda...c517d1, also known as BobbyBigSize. The account made money by taking leveraged shorts on ethereum, Hyperliquid, Avalanche and Fartcoin during a sharp market selloff between October and November 2025. Cumulative profit over the past seven months was tallied at $159 million. Over the past 30 days, however, it recorded a loss of $561,000, showing the performance did not continue.

The account previously ran short-term long positions in bitcoin and solana. Based on algorithmic trading, it executed a total of $11 billion in trades on Hyperliquid alone, and its current assets deposited on the platform stand at $19.4 million. About 63 percent of its total trades ended in profit, showing a high hit rate.

Its current positions tilt broadly to the bearish side. Along with a $38 million bitcoin short, it holds shorts in multiple altcoins. Last week, however, it also opened a new $21 million leveraged long position in ethereum. This was read as a move that takes into account the possibility of a short-term rebound in ethereum.

Holding periods are also not long. Based on Hyperdash, the average trade duration was a little over two weeks, and the median holding period was less than four days. That suggests it is closer to a method of responding to short-term volatility than betting on a single long-term direction.

There was also speculation about the account’s beneficial owner. Arkham data previously linked the address to asset manager Fasanara Capital. The organisation’s website says it launched in 2018 and manages $400 million for market-neutral strategies and venture investment, and $150 million for a quantitative multi-manager strategy targeting various liquidity markets. Its crypto investment strategy was not disclosed in detail.

Derivatives positioning is mixed. On Hyperliquid, funding rates for bitcoin and ethereum were slightly positive, showing demand for leveraged longs has not fully faded. In a typically neutral market, holding a long position carries an annualised cost of about 6 to 12 percent. On Binance and Bybit, by contrast, funding rates fell into negative territory, signalling an unusually large rise in demand for leveraged downside positions.

It is difficult, in the end, to pin down the market’s direction based only on this large trader’s positions. Losses over the past two months confirmed that no single strategy keeps working. Even so, the current bearish positions coincide with broader growth in short demand across the market. As a result, bitcoin traders are not fully ruling out a retest of the $75,000 level.

THIS GUY MADE $150 MILLION TRADING PERPS - NOW HE’S SHORT ETH BobbyBigSize is a trader linked to Fasanara Capital. He’s up $150M on perpetuals since he began trading in late 2024. Now, he has $70M of open positions, with $45M shorting ETH. Will he be right? pic.twitter.com/HI7RDlj3o3