London Quant Goes Full DeFi: Fasanara's $67M ETH Short Lands on Hyperliquid 🏛️

London-based quantitative asset manager Fasanara Capital is running a $67 million ETH short on Hyperliquid through the on-chain wallet labeled "BobbyBigSize," and the venue of the trade is drawing as much attention as the position itself. The wallet address 0x7fda..17d1 is publicly viewable through Hyperliquid's on-chain explorer, and analytics providers Arkham Intelligence and Nansen have linked it to Fasanara Capital.

Hyperliquid, a decentralized perpetuals exchange, has built a reputation for execution quality and liquidity depth that had previously been the preserve of centralized venues. The Fasanara trade adds a notable institutional name to that on-chain order book, with the directional bet visible in full public view.

The size of the short can mislead observers into reading it as a straightforward bearish call on Ethereum. Quantitative funds routinely use large directional positions as one leg of a broader strategy, and a position of this scale can function as a hedge against other exposures rather than as a standalone forecast on the $ETH price.

The development comes against a backdrop of Ethereum trading near key technical levels. As of July 24, 2026, market commentator Ted (@TedPillows) noted that $ETH has not lost its key support zone, with the $1,870–$1,900 range holding and a potential rally toward $2,000 if that floor is maintained.

The broader significance is structural: an institutional-grade counterparty is executing a complex, multi-leg crypto derivatives strategy entirely on a decentralized venue, with positions, collateral and counterparty data observable on-chain in real time. Such a workflow would have looked implausible for a regulated asset manager just two years ago.