Ethereum Short Position of 98 Billion Won Detected, Institutional Funds Moving to DeFi

A short position worth approximately $67 million (about 98 billion won) has been detected in the Ethereum (ETH) market. Institutional funds are noted to be executing complex derivative strategies within the DeFi (Decentralized Finance) environment. According to on-chain data, London-based asset management firm Pasaranara Capital is managing this short position through a wallet identified as 'BobbyBigSize' on Hyperliquid. This position is operated on Hyperliquid, a decentralized perpetual futures exchange, attracting the interest of institutional traders. A large Ethereum short can be interpreted as a bearish signal, but the operational methods of institutions are complex. A short position of this magnitude can serve various purposes, including hedging, offsetting options exposure, and market-neutral strategies. Additional on-chain data suggests that there may be another Ethereum short position worth approximately $41 million (about 60 billion won). Hyperliquid offers execution quality on par with centralized exchanges, and institutions have reached a stage where they can build positions directly on-chain. Pasaranara Capital is simultaneously managing Bitcoin longs, as well as shorts in TON, Avalanche (AVAX), and Dogecoin (DOGE) alongside the Ethereum short. Hyperliquid is now establishing itself as a core execution infrastructure for institutions.