For two months, the biggest traders on Hyperliquid have been accumulating long positions in bitcoin, and the price chart is beginning to reflect this trend. According to Glassnode data, the largest perpetual traders on Hyperliquid have shifted from a net short to a net long position since early March, with the long bias growing stronger throughout April.
This shift coincides with bitcoin's gradual increase from the mid-$60,000s in February to nearly $80,000 earlier this week. Historically, Hyperliquid has become the preferred on-chain platform for large traders, and a sustained long bias from this group tends to precede 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-$60,000s, and the current positioning is the most aggressively long it has been. Meanwhile, bitcoin perpetual swap funding across major exchanges remains negative at -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 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. However, the scheduled talks between Iran and the US over the weekend did not take place, and the impact of these developments on Hyperliquid's long positions will become clearer in the coming hours and days.