Major traders on Hyperliquid have been accumulating a long position in bitcoin for two months, with the price trend beginning to favor their stance. 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 has occurred in tandem with bitcoin's gradual ascent from the mid-$60,000 range in February to nearly $80,000 earlier this week.
Hyperliquid has become the preferred platform for large traders over the past year, with a sustained long bias from this group often preceding spot bitcoin price movements by days to weeks. The recent flip to a net long position in early March preceded the recovery from the mid-$60,000 range, with the 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, marking one of the longest periods of bearish derivatives positioning on record.
The combination of sustained negative funding and aggressive long positioning from Hyperliquid whales has created a technical setup that can lead to short squeezes when spot prices break higher. In other news, the S&P 500 reached a record high on Friday, while the weekend's US-Iran talks were canceled.
The impact of these developments on Hyperliquid's long positions will become clearer in the coming hours and days.