For two months, the biggest players on Hyperliquid have been accumulating long positions in bitcoin, now valued at $76,498.71, and the price trend is starting to favor them. According to Glassnode data, the whale positioning on Hyperliquid, a prominent on-chain perpetual futures exchange, shifted from net short to net long in early March and has remained long ever since, with the long bias intensifying throughout April.

This shift coincides with bitcoin's gradual rise from the mid-$60,000s in February to nearly $80,000 earlier this week. 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 days or weeks. The early March flip to net long 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 is -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 trigger short squeezes when spot prices rise. In other news, the S&P 500 closed at a record high on Friday, marking its longest weekly advance since 2024.

The scheduled talks between Iran and the US over the weekend did not take place, as President Donald Trump canceled his delegation's trip to Islamabad after the Iranian foreign minister left the country before the US group departed. Additionally, Treasury yields dropped 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 the Hyperliquid long positions will become clearer in the coming hours and days.