Bitcoin Whales Establish Significant Long Positions Amid Prolonged Negative Funding

Large traders on Hyperliquid have been accumulating a long position in bitcoin for the past two months, with the price chart beginning to reflect their bias. According to Glassnode data, the largest traders on the on-chain perpetual futures exchange shifted from a net short to a net long position in early March and have maintained this stance throughout April, with the long bias intensifying. This shift has occurred alongside bitcoin's gradual price increase from the mid-$60,000 range in February to nearly $80,000 earlier in the week. Historically, Hyperliquid has become the preferred platform for large traders, and a sustained long bias from this group often precedes spot bitcoin price movements by days or 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 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 scheduled talks between Iran and the US in Pakistan did not take place, and Treasury yields declined 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.