Bitcoin Whales Accumulate Long Positions Amid Prolonged Negative Funding

Large traders on Hyperliquid have been establishing a long position in bitcoin for two months, with the price chart starting to reflect their bias. Data from Glassnode indicates that the largest traders on the on-chain perpetual futures exchange 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 nearly $80,000 earlier this week. As the go-to on-chain platform for large traders, Hyperliquid's sustained long bias 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 at -0.13% on a seven-day basis, according to Coinglass, indicating that shorts are paying longs to maintain their positions. This prolonged negative funding, combined with the aggressive long positioning from Hyperliquid whales, sets the stage for a potential short squeeze 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 US-Iran talks, which were scheduled to take place over the weekend, did not occur, and the outcome of these developments on Hyperliquid's long positions will become clearer in the coming hours and days.