Large Bitcoin Investors Increase Long Positions Amid Prolonged Negative Funding

For the past two months, major traders on Hyperliquid have been accumulating long positions in bitcoin, and the price trend is beginning to favor them. According to Glassnode data, the largest traders on the on-chain perpetual futures exchange have shifted from a net short to a net long position since early March, with the long bias intensifying throughout April. This shift coincides with bitcoin's gradual rise from the mid-$60,000 range in February to nearly $80,000 earlier this week. Historically, Hyperliquid has become the go-to on-chain platform for large traders, and a sustained long bias from this group often precedes spot bitcoin price movements by days or weeks. The early March switch to a net long position foreshadowed the recovery from the mid-$60,000s, with current positioning being the most aggressively long on record. Meanwhile, bitcoin perpetual swap funding across major exchanges remains negative at -0.13% on a seven-day basis, indicating that shorts are paying longs to maintain their positions. This negative funding has persisted for approximately 47 consecutive days, one of the longest periods of bearish derivatives positioning on record. The combination of sustained negative funding and aggressive long positioning from Hyperliquid whales creates a technical setup that can lead to short squeezes when spot prices break higher. In other news, the S&P 500 closed at a record high on Friday, marking its longest weekly advance since 2024. The weekend's scheduled talks between Iran and the US did not take place, and Treasury yields declined as the Justice Department concluded 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.