Large Bitcoin Investors Increase Long Positions Amid Prolonged Negative Funding

For two months, the biggest players on Hyperliquid have been accumulating long positions in bitcoin, and the price trend is finally starting to reflect their sentiment. According to Glassnode data, the largest perpetual traders on the on-chain exchange have been net long since early March, with their long bias intensifying throughout April. This shift in sentiment coincides with bitcoin's gradual ascent from the mid-$60,000 range in February to nearly $80,000 earlier this week. Historically, Hyperliquid has become the go-to platform for large traders, and a sustained long bias from this group tends to precede spot bitcoin price movements by several days to 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. The weekend's scheduled talks between Iran and the US did not take place, 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.