Major traders on Hyperliquid have been accumulating long bitcoin positions over the past two months, with the price chart beginning to reflect this trend. According to Glassnode data, the largest perpetual traders on the on-chain exchange have shifted from a net short to a net long position since early March, with the long bias intensifying through April.
This shift coincides with bitcoin's gradual ascent from the mid-$60,000 range in February to nearly $80,000 earlier this week. Notably, Hyperliquid has become the preferred venue for large traders over the past year, and a sustained long bias from this group tends to precede 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, 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, indicating that shorts are paying longs to maintain their positions. This negative funding has persisted for approximately 47 consecutive days, one of the longest stretches of bearish derivatives positioning on record.
The combination of sustained negative funding and aggressive long positioning from Hyperliquid whales sets the stage for potential short squeezes when spot prices break higher. In other news, the S&P 500 closed at a record high on Friday, marking its longest weekly advance since 2024.
The recent US-Iran talks in Pakistan were canceled, and Treasury yields dropped following the closure of the Justice Department's 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 Hyperliquid's long positions will become clearer in the coming hours and days.