Bitcoin whales amplify long positions amidst sustained negative funding

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 perpetual traders on the platform have shifted from a net short to a net long position since early March, with the long bias intensifying throughout April. This shift coincides with bitcoin's gradual ascent from the mid-$60,000s in February to a recent high near $80,000. As the on-chain venue of choice for large traders, Hyperliquid's sustained long bias 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, and the current positioning is the most aggressively long on record. Meanwhile, bitcoin perpetual swap funding across major exchanges remains deeply negative, with shorts 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 creates a technical setup that can lead to short squeezes when spot prices break higher. In other news, the S&P 500 reached a record high on Friday, marking its longest weekly advance since 2024. However, the recent talks between Iran and the US were canceled, and the impact of this development on Hyperliquid's long positions remains to be seen.