For two months, the biggest traders on Hyperliquid have been accumulating a long position in bitcoin, and the price chart is starting to reflect this trend. According to Glassnode data, the largest traders on Hyperliquid, a prominent on-chain perpetual futures exchange, have flipped from a net short to a net long position since early March and have maintained this stance.
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 go-to on-chain venue for large traders over the past year, and a sustained long bias from this group often precedes spot bitcoin price movements by days or weeks.
The recent flip to net long in early March preceded the recovery from the mid-$60,000s, 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. This prolonged negative funding, combined with the aggressive long positioning of 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 recent US-Iran talks did not take place as planned, and President Donald Trump canceled his delegation's trip to Islamabad after the Iranian foreign minister left the country. Additionally, Treasury yields dropped following the Justice Department's decision to close 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 the Hyperliquid long positions will become clearer in the coming hours and days.