The biggest traders on Hyperliquid have built a long bitcoin position for two months and the price chart starts to break their way.
Glassnode data shows whale positioning on Hyperliquid, the onchain perpetual futures exchange, flipped from net short to net long in early March and has held long since, with the size of the long bias increasing through April.
The shift coincides with bitcoin grinding higher from the mid-$60,000s in February to a brush near $80,000 earlier this week.
Over the past year, Hyperliquid has become the go-to place onchain for traders running large positions, and a persistent long bias from this cohort tends to lead spot bitcoin price action by days to weeks rather than follow it.
The flip to net long in early March preceded the rebound from the mid-$60,000s. The positioning is now the most aggressive long it has been across the data set.
Bitcoin perpetual swap funding across major exchanges is at -0.13% on a seven-day basis, according to Coinglass, meaning shorts are paying longs to keep their positions open.
The negative funding has persisted for about 47 consecutive days, one of the longest stretches of bearish derivatives positioning on record. Sustained negative financing matched with aggressive long positioning by Hyperliquid whales is the technical setup that produces short squeezes when spot prices break higher.
In traditional financials, the S&P 500 closed at a record high on Friday, capping its longest weekly advance since 2024.
In Pakistan, the weekend talks between Iran and the US did not take place. President Donald Trump canceled his delegation’s trip to Islamabad after Iran’s foreign minister left the country before the American group even left.
Treasury yields fell as the Justice Department closed its investigation into Federal Reserve Chairman Jerome Powell, potentially paving the way for Kevin Warsh’s confirmation as the next Fed chief.
Where this development leaves Hyperliquid long positions will become apparent over the coming hours and days.
