Large Bitcoin Investors Increase Long Positions Amid Prolonged Negative Funding

Major traders on Hyperliquid have been accumulating long bitcoin positions over the past two months, and the price chart is beginning to reflect this trend. 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 intensifying throughout April. This shift coincides with bitcoin's gradual rise from the mid-$60,000s in February to nearly $80,000 earlier this week. Hyperliquid has become the go-to on-chain platform for large traders, and a sustained long bias from this group 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, with shorts paying longs to maintain their positions. This negative funding has persisted for approximately 47 consecutive days, one of the longest periods 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 reached a record high on Friday, marking its longest weekly advance since 2024. The scheduled talks between Iran and the US did not take place over the weekend, and Treasury yields declined as 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.