Bitcoin Whales Accumulate Long Positions Amid Prolonged Negative Funding

For the past two months, the largest traders on Hyperliquid have been building a substantial long position in bitcoin, and recent price movements are beginning to reflect this trend. According to Glassnode data, the positioning of whales 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 ascent from the mid-$60,000 range in February to a recent high near $80,000. Hyperliquid has become the preferred 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 net long positioning preceded the recovery from the mid-$60,000 range, and the current positioning is the most aggressively long on record. Meanwhile, bitcoin perpetual swap funding across major exchanges remains negative, with shorts paying longs to maintain their positions, a trend that has persisted for approximately 47 consecutive days, marking one of the longest periods of bearish derivatives positioning on record. The combination of sustained negative funding and aggressive long positioning by Hyperliquid whales is a technical setup that can trigger short squeezes when spot prices rise. In other news, the S&P 500 reached a record high on Friday, capping its longest weekly advance since 2024. The weekend's scheduled talks between Iran and the US did not take place, and Treasury yields declined 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 Hyperliquid's long positions will become clearer in the coming hours and days.