For two months, the biggest traders on Hyperliquid have been steadily accumulating long positions in bitcoin, with the price chart beginning to reflect their bias. According to Glassnode data, the largest perpetual traders on the on-chain exchange have shifted from a net short to a net long position since early March, with the long bias intensifying through April. This shift coincides with bitcoin's gradual ascent from the mid-$60,000 range in February to nearly $80,000 earlier this week. As the go-to on-chain platform for large traders, a sustained long bias from Hyperliquid tends to precede spot bitcoin price movements by days or weeks.
The recent flip to net long in early March preceded the recovery from the mid-$60,000s, with the current positioning being the most aggressively long on record. Meanwhile, bitcoin perpetual swap funding across major exchanges remains deeply negative, with shorts paying longs to maintain their positions at a rate of -0.13% over the past seven days, marking one of the longest stretches of bearish derivatives positioning on record. The combination of sustained negative funding and aggressive long positioning from Hyperliquid whales sets the stage for potential short squeezes when spot prices break higher. In other news, the S&P 500 reached a record high on Friday, while US-Iran talks were canceled, and Treasury yields dropped following the closure of the Justice Department's probe into Federal Reserve Chair Jerome Powell.