For the past two months, prominent traders on Hyperliquid have been accumulating a long position in bitcoin (BTC), now valued at $78,113. The price chart is showing signs favorable for this strategy.
According to data from Glassnode, whale trading activity on Hyperliquid—the leading onchain perpetual futures exchange—transitioned from net short to net long positions starting early March and has maintained a strong long stance since then. This trend intensified throughout April.
This strategic shift aligns with bitcoin’s steady rise from the mid-$60,000 range in February towards nearly $80,000 earlier this week. Over the past year, Hyperliquid has emerged as the preferred onchain platform for traders managing large positions. Typically, a sustained long bias among these traders can influence spot bitcoin prices by days to weeks rather than merely reacting to them.
The shift to a net long position in early March preceded the market’s recovery from the mid-$60,000s. Presently, positioning is at its most aggressively long within the dataset.
Bitcoin perpetual swap funding across major exchanges stands at -0.13% on a seven-day basis according to Coinglass, indicating that short positions are paying long ones to remain open. This negative funding has persisted for about 47 consecutive days, marking one of the longest periods of bearish derivatives positioning recorded. The combination of persistent negative funding and aggressive long positioning by Hyperliquid whales creates a technical setup conducive to short squeezes when spot prices rise.
In traditional financial markets, the S&P 500 set a new record high on Friday, concluding its longest weekly rally since 2024.
Meanwhile, discussions between Iran and the U.S. slated for the weekend in Pakistan were canceled. President Donald Trump withdrew his delegation from Islamabad following the abrupt departure of the Iranian foreign minister before the U.S. group departed.
Treasury yields fell as the Justice Department concluded its investigation into Federal Reserve Chair Jerome Powell. This development could pave the way for Kevin Warsh’s confirmation as the next Fed leader.
How these global developments will impact Hyperliquid’s long positions remains to be seen in the coming hours and days.