Headline: Bitcoin whales amass long bets on Hyperliquid as funding stays deeply negative Big Bitcoin traders on the onchain perpetual venue Hyperliquid have been piling into long positions for roughly two months, and price action is starting to validate their bet. Bitcoin last traded around $78,289.06 as the chart begins to break higher. On-chain analytics provider Glassnode shows Hyperliquid’s largest traders flipped from net short to net long in early March and have steadily increased that long bias through April. That shift coincided with BTC climbing from the mid‑$60,000s in February to a run toward $80,000 earlier this week. Hyperliquid has become the go‑to onchain platform for outsized, professional perpetual positions over the last year, and historical behavior there suggests whales’ positioning often leads spot moves by days to weeks rather than follows them. The current net‑long stance is the most aggressive in the dataset. At the same time, perpetual swap funding across major exchanges sits at about -0.13% on a seven‑day basis, according to Coinglass — meaning shorts are paying longs to hold their positions. That negative funding rate has persisted for roughly 47 consecutive days, one of the longest runs of bearish derivatives positioning on record. When long positioning from large traders collides with entrenched negative funding, it creates the classic setup for a short squeeze if spot prices push higher: costly or crowded short positions get forced to unwind, which can turbocharge an upmove. Macro and geopolitical context could also be influencing flows. The S&P 500 closed at a record high on Friday, marking its longest weekly advance since 2024. In geopolitics, planned weekend talks between Iran and the U.S. in Pakistan did not occur after President Donald Trump canceled his delegation’s trip to Islamabad when Iran’s foreign minister left before the U.S. group departed. In Washington, Treasury yields fell after the Justice Department closed its probe into Federal Reserve Chair Jerome Powell — a development that could clear the way for Kevin Warsh’s confirmation as the next Fed leader. How these macro moves and the persistent negative funding environment will play out against Hyperliquid’s concentrated long bets will become clearer over the coming hours and days — but the technical ingredients for a short squeeze are in place if spot momentum continues upward. Read more AI-generated news on: undefined/news