Fasanara Capital is making a bold play on Hyperliquid, and the data is turning heads. They are holding a massive long position on BTC, with $36.34 million in exposure at an entry price of $75,950. That position is currently up 27.65%, showing solid conviction on the king coin. Meanwhile, the rest of their book is aggressively short. Here is the full breakdown of their short positions: ETH: $48.47 million, up 76.77% in profit, sitting on $2.48 million in gains. TON: $8.75 million, ROI of 91.65%, with $1.60 million in profit. AVAX: $5.52 million, absolutely crushing it with a 533% ROI and $2.93 million in profit. DOGE: $3.70 million, up 74.58%, with $276k in profit. FARTCOIN: $2.40 million, ROI of 58.67%, adding $140k. SOL and HYPE are also shorted, with $4.08 million and $8.59 million in exposure respectively. So the setup is clear: one long on BTC, seven shorts across major altcoins and memes. Total exposure sits at a hefty $131 million. This is a highly asymmetric bet. Fasanara is betting on Bitcoin strength while fading the broader market. Whether this is genius or overconfidence, the conviction is undeniable. No financial advice, just market intelligence. Keep watching this one.