Hyperliquid Whales Deepen Bitcoin Longs as Negative Funding Streak Extends

Large Bitcoin traders on Hyperliquid have continued to build long positions over recent months, with bullish exposure now at its highest level as BTC nears $80,000.

Glassnode data shows that whale accounts on the onchain perpetual futures platform shifted from net short to net long in early March. Since then, their positioning has remained firmly long, with exposure increasing steadily through April.

The move aligns with Bitcoin’s climb from the mid-$60,000 range in February to levels approaching $80,000 this week.

Hyperliquid has become a major venue for large leveraged trades, and positioning from its top participants has historically led spot market moves by several days or weeks. The March shift to net long preceded the latest price recovery, underscoring that dynamic.

Meanwhile, broader derivatives markets continue to reflect bearish sentiment. Bitcoin perpetual funding rates across major exchanges are averaging around -0.13% over the past seven days, according to Coinglass — indicating that short sellers are paying longs to maintain their positions.

This negative funding environment has now persisted for roughly 47 consecutive days, marking one of the longest such stretches on record. Combined with aggressive long positioning from large traders, this setup has historically created conditions ripe for short squeezes if spot prices continue to move higher.

Outside crypto, traditional markets have also shown strength. The S&P 500 closed at a record high on Friday, capping its longest weekly gain since 2024.

Geopolitically, planned talks between the U.S. and Iran in Pakistan failed to materialize after President Donald Trump canceled the U.S. delegation’s trip, following the early departure of Iran’s foreign minister.

At the same time, Treasury yields moved lower after the Justice Department concluded its probe into Federal Reserve Chair Jerome Powell, a development that could pave the way for Kevin Warsh to take over as Fed chair.

How these macro developments interact with the heavily long positioning on Hyperliquid is likely to become clearer in the near term.