The biggest traders on Hyperliquide have built a long bitcoin position for two months, and the price chart is starting to find its way.
Data from Glassnode shows that whale positioning on Hyperliquid, the on-chain perpetual futures exchange, went from net short to net long in early March and has remained long since, with the size of the long bias increasing through April.
The change coincides with bitcoin’s rise from $60,000 in February to nearly $80,000 earlier this week.
Hyperliquid has, over the past year, become the online venue of choice for traders managing large positions, and a sustained long bias from this cohort tends to lead Bitcoin spot price action by days or weeks rather than trailing it.
The shift to net buying in early March preceded the recovery from the mid-$60,000s. The positioning is now the most aggressive ever recorded in the dataset.
According to Coinglass, Bitcoin perpetual swap funding on major exchanges stands at -0.13% over seven days, meaning shorts are paying out long positions to keep their positions open.
This negative funding lasted for approximately 47 consecutive days, one of the longest periods of bearish derivatives positioning on record. Sustained negative funding coupled with aggressive long positioning from hyperliquid whales is the technical setup that produces short squeezes when spot prices exceed the upside.
In traditional finance, the S&P 500 closed at a record high on Friday, capping its longest weekly advance since 2024.
In Pakistan, weekend negotiations between Iran and the United States did not take place. President Donald Trump canceled his delegation’s trip to Islamabad after Iran’s foreign minister left the country even before the American group left.
Treasury yields fell as the Justice Department closed its investigation into Federal Reserve Chairman Jerome Powell, potentially paving the way for the confirmation of Kevin Warsh as the next Fed leader.
Where these developments lead, long positions in Hyperliquide will become evident over the coming hours and days.
