For two months, the biggest players on Hyperliquid have been accumulating long positions in bitcoin, now valued at $80,894.94, and the price trend is starting to reflect their outlook. According to Glassnode data, the whale positioning on Hyperliquid, a prominent on-chain perpetual futures exchange, shifted from net short to net long in early March and has remained long since, with the long bias intensifying throughout April.

This shift coincides with bitcoin's gradual ascent from the mid-$60,000s in February to nearing $80,000 earlier this week. Hyperliquid has become the go-to on-chain platform for large traders over the past year, and a sustained long bias from these traders often precedes spot bitcoin price movements by days to weeks. The early March switch to net long 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 stands at -0.13% on a seven-day basis, as per Coinglass, indicating that shorts are 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 by Hyperliquid whales sets the stage for potential short squeezes when spot prices surge higher.

In other news, the S&P 500 closed at a record high on Friday, marking its longest weekly advance since 2024. However, the weekend's scheduled talks between Iran and the US in Pakistan did not occur, as President Donald Trump canceled his delegation's trip after the Iranian foreign minister left 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.