Bitcoin Whales Accumulate Long Positions Amid Prolonged Negative Funding

For two months, the biggest players on Hyperliquid have been steadily accumulating long positions in bitcoin, and the price trend is starting to reflect their outlook. According to Glassnode data, the on-chain perpetual futures exchange has seen a significant shift in whale positioning, from net short to net long, since early March. This long bias has intensified throughout April, coinciding with bitcoin's gradual ascent from the mid-$60,000 range to nearly $80,000. Notably, Hyperliquid has become the go-to platform for large traders, and their sustained long bias often precedes spot price movements by days or weeks. The recent flip to net long positioning in early March preceded the recovery from the mid-$60,000s, and the current bias is the most aggressive it has been. Meanwhile, bitcoin perpetual swap funding across major exchanges remains deeply negative, with shorts paying longs to maintain their positions. This negative funding has persisted for approximately 47 consecutive days, setting 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 the planned US-Iran talks in Pakistan were canceled. Additionally, 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.