For two consecutive months, the biggest traders on Hyperliquid have been accumulating long positions in bitcoin, and the price trend is beginning to reflect this shift. According to data from Glassnode, the whale positioning on Hyperliquid, a prominent on-chain perpetual futures exchange, transitioned from a net short to a net long stance in early March and has remained long ever since, with the long bias intensifying throughout April.

This development coincides with bitcoin's gradual ascent from the mid-$60,000 range in February to a recent high near $80,000. Hyperliquid has emerged as 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 a net long position foreshadowed the recovery from the mid-$60,000s, with the current positioning being the most aggressively long on record.

Meanwhile, the seven-day bitcoin perpetual swap funding rate across major exchanges stands at -0.13% according to Coinglass, indicating that shorts are paying longs to maintain their positions. This negative funding 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 creates a technical setup that can trigger short squeezes when spot prices break higher. In other news, the S&P 500 closed at a record high on Friday, completing its longest weekly advance since 2024. However, the scheduled talks between Iran and the US in Pakistan over the weekend did not take place, as President Donald Trump canceled his delegation's trip after the Iranian foreign minister left the country before the US group's arrival. Additionally, 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 the Hyperliquid long positions will become clearer in the coming hours and days.