Bitcoin Whales Load Up on Longs as Funding Stays Deeply Negative
Large traders on Hyperliquid have aggressively increased their long Bitcoin positions over the past two months, with exposure now at its most bullish level as BTC trades near $80,000.
Data from Glassnode shows whale accounts on the onchain perpetual futures platform flipped from net short to net long in early March. Since then, the long bias has steadily expanded, reaching its highest level in the dataset through April.
The positioning shift has tracked Bitcoin’s recovery from the mid-$60,000 range in February to a recent move toward $80,000.
Hyperliquid has become a key venue for high-leverage trading, and flows from its largest participants have historically led spot price moves by several days to weeks. The March flip to net long came ahead of the current rally, reinforcing its signaling role.
At the same time, derivatives markets continue to lean bearish. Bitcoin perpetual funding rates across major exchanges are averaging around -0.13% on a seven-day basis, according to Coinglass, meaning short sellers are paying longs to keep positions open.
This negative funding streak has now extended to roughly 47 consecutive days — one of the longest on record. When paired with aggressive long positioning from large traders, such conditions often set the stage for short squeezes if spot prices continue higher.
In broader markets, the S&P 500 closed at a record high on Friday, marking its longest weekly advance since 2024.
Meanwhile, geopolitical developments added uncertainty. Planned talks between the U.S. and Iran in Pakistan did not take place after President Donald Trump canceled the U.S. delegation’s trip, following the early departure of Iran’s foreign minister.
Treasury yields also declined after the Justice Department ended its investigation into Federal Reserve Chair Jerome Powell, a move that could clear the path for Kevin Warsh to become the next Fed leader.
How these macro factors interact with the heavily long positioning on Hyperliquid is likely to shape Bitcoin’s near-term direction.
