Bitcoin Whales Accumulate Long Positions Amid Prolonged Negative Funding

For two months, the biggest players on Hyperliquid have been expanding their long bitcoin positions, and the price trend is starting to reflect this shift. According to Glassnode data, the whale positioning on this on-chain perpetual futures exchange transitioned from a net short to a net long stance in early March and has remained long since, with the long bias intensifying throughout April. This development coincides with bitcoin's gradual ascent from the mid-$60,000 range in February to nearly reaching $80,000 earlier this week. Historically, Hyperliquid has become the preferred on-chain platform for large traders, and a sustained long bias from these major players tends to precede spot bitcoin price movements by days or weeks rather than follow them. The early March shift to a net long position foreshadowed the recovery from the mid-$60,000s, with current positioning being the most aggressively long on record. Meanwhile, the seven-day bitcoin perpetual swap funding rate across major exchanges stands at -0.13% according to Coinglass, indicating that shorts are paying longs to maintain their positions. This negative funding has persisted for approximately 47 consecutive days, marking one of the longest periods of bearish derivatives positioning on record. The combination of sustained negative funding and aggressive long positioning by Hyperliquid whales creates a technical setup prone to short squeezes when spot prices surge higher. Elsewhere, the S&P 500 reached a record high on Friday, concluding its longest weekly advance since 2024. The weekend's scheduled talks between Iran and the US in Pakistan did not take place, as President Donald Trump canceled his delegation's trip after the Iranian foreign minister departed before the US group's arrival. Additionally, Treasury yields declined as the Justice Department closed its investigation into Federal Reserve Chair Jerome Powell, potentially paving the way for Kevin Warsh's confirmation as the next Fed leader. The impact of these developments on Hyperliquid's long positions will become clearer in the coming hours and days.