Large Bitcoin Investors Increase Long Positions Amid Prolonged Negative Funding

Major traders on Hyperliquid have been accumulating long bitcoin positions over the past two months, with the price chart beginning to reflect their bullish sentiment. According to Glassnode data, the largest perpetual traders on the platform shifted from a net short to a net long position in early March and have maintained this stance, with the long bias intensifying throughout April. This shift has coincided with bitcoin's gradual ascent from the mid-$60,000s in February to nearly $80,000 earlier this week. As the on-chain venue of choice for large position traders, a sustained long bias from this group often precedes 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 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, according to Coinglass, 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 rise. In other news, the S&P 500 reached a record high on Friday, marking its longest weekly advance since 2024. The scheduled talks between Iran and the US in Pakistan over the weekend did not take place, while Treasury yields fell after 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.