Major traders on Hyperliquid have been accumulating long bitcoin positions over the past two months, with the price chart starting to reflect their optimistic outlook. 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 growing in size. This shift coincides with bitcoin's gradual ascent from the mid-$60,000 range in February to a recent high near $80,000. 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 several days to weeks.
The early March shift to a net long position preceded the recovery from the mid-$60,000s, 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, 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 weekend's scheduled talks between Iran and the US did not take place, and the impact of these developments on Hyperliquid's long positions will become clearer in the coming hours and days.