Over the past two months, the largest traders on Hyperliquid have been accumulating a substantial long position in bitcoin, with the price chart beginning to reflect this trend. According to Glassnode data, the whale positioning on Hyperliquid, a prominent on-chain perpetual futures exchange, shifted from a net short to a net long position in early March and has remained so ever since, with the long bias intensifying throughout April. This shift coincides with bitcoin's steady ascent from the mid-$60,000 range in February to a recent high of nearly $80,000.
Hyperliquid has become the go-to on-chain platform for large traders over the past year, and a sustained long bias from this group often precedes spot bitcoin price movements by several days to weeks. The early March shift to a net long position preceded the recovery from the mid-$60,000s, and the current positioning is the most aggressively long on record.
Meanwhile, bitcoin perpetual swap funding across major exchanges remains negative, with shorts paying longs to maintain their positions, a trend that has persisted for approximately 47 consecutive days, one of the longest stretches of bearish derivatives positioning on record. The combination of sustained negative funding and aggressive long positioning by Hyperliquid whales creates a technical setup ripe for short squeezes when spot prices break higher. In other news, the S&P 500 reached a record high on Friday, marking its longest weekly advance since 2024. The recent talks between Iran and the US were canceled, and Treasury yields dropped following the closure of the Justice Department's probe 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.