Major traders on Hyperliquid have been accumulating a long position in bitcoin for the past two months, with the price trend starting to favor their position. 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 through 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 preferred platform for large traders over the past year, and a sustained long bias from this group tends to precede 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-$60,000s, and the current positioning is the most aggressive long it has been. 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, 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 weekend's US-Iran talks were canceled, and Treasury yields dropped after the Justice Department closed its 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.