The biggest Hyperliquid traders have been building long bitcoin position for two months, and the price chart is starting to make its way.
Glassnode data shows that whale positioning on Hyperliquid, the on-chain perpetual futures exchange, moved from net short to net long in early March and has remained long since then, with the size of the long bias increasing through April.
The change coincides with bitcoin rising from the mid-$60,000s in February to a near-$80,000 touch earlier this week.
Hyperliquid has, in the last year, become the on-chain spot of choice for traders managing large positions, and a long, sustained bias from that cohort tends to lead bitcoin spot price action for days or weeks rather than following it.
The move to net long in early March preceded the recovery from the mid-$60,000s. Positioning is now the most aggressive in the entire data set.
Bitcoin perpetual swap funding on major exchanges stands at -0.13% every seven days, according to Coinglass, meaning shorts are paying longs to keep their positions open.
That negative financing has continued for approximately 47 consecutive days, one of the longest periods of bearish positioning in derivatives on record. Sustained negative financing combined with aggressive long positioning by hyperliquid whales is the technical setup that produces short squeezes when spot prices rise.
In traditional finance, the S&P 500 closed at a record high on Friday, capping its longest weekly advance since 2024.
Meanwhile, in Pakistan, weekend talks between Iran and the United States did not take place. President Donald Trump canceled his delegation’s trip to Islamabad after the Iranian foreign minister left the country before the American group departed.
Treasury yields fell as the Justice Department closed its investigation into Federal Reserve Chairman Jerome Powell, potentially clearing the way for the confirmation of Kevin Warsh as the next Fed leader.
Where those developments leave Hyperliquid’s long positions will become clear in the coming hours and days.
