Bitcoin whales accumulate long positions amid persistent negative funding

Major traders on Hyperliquid have been building a long position in bitcoin for the past two months, and the price trend is starting to reflect their bias. According to Glassnode data, 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 gaining momentum in April. This shift coincides with bitcoin's gradual rise from the mid-$60,000s in February to nearly $80,000 earlier this week. Historically, a sustained long bias from major traders on Hyperliquid has preceded spot bitcoin price movements by several days to weeks. The current positioning is the most aggressively long on record, and it preceded the recovery from the mid-$60,000s. 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 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 US-Iran talks scheduled for the weekend did not take place, and Treasury yields fell after the Justice Department closed 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 Hyperliquid's long positions will become clearer in the coming hours and days.