Glassnode data shows the cohort flipped from net short to net long as Bitcoin climbed out of the mid-$60,000s in February.
Bitcoin News
The largest traders on Hyperliquid have been building a net-long Bitcoin position since early March, and the move is now the most aggressive in the dataset. Glassnode data shows the cohort flipped from net short to net long as Bitcoin climbed out of the mid-$60,000s in February. The long bias has grown steadily through April, reaching its highest level on record.
This group typically runs positions above $10 million on the on-chain perpetual futures exchange. Historically, their positioning has led spot Bitcoin price moves by days to weeks rather than tracking them after the fact. The shift to net long in early March preceded the recovery from the mid-$60,000s, consistent with that pattern.
Bitcoin perpetual swap funding rates across major exchanges sit at -0.13% on a seven-day basis, according to Coinglass. That means short position holders are currently paying longs to keep their trades open. The condition has lasted roughly 47 consecutive days, one of the longest such stretches on record.
When deeply negative funding aligns with aggressive long positioning from large traders, a technical setup typically associated with a short squeeze forms. A short squeeze occurs when rising spot prices force short sellers to close positions by buying back the asset, which accelerates the price move upward. Whether that scenario plays out depends on both market structure and the macro environment.
In traditional markets, the S&P 500 closed at a record high on Friday, ending its longest weekly winning streak since 2024. Treasury yields eased after the Justice Department closed its investigation into Federal Reserve Chair Jerome Powell. That development also renewed speculation about Kevin Warsh becoming the next Fed chair, and oil prices softened during the same period.
On the geopolitical front, planned talks between the U.S. and Iran in Islamabad did not take place over the weekend. The Iranian foreign minister left Pakistan before the American delegation had even departed, prompting the U.S. to cancel the trip. The breakdown adds a layer of uncertainty to an already complex macro backdrop that both crypto and traditional market traders are watching.
Hyperliquid has grown over the past year into the primary on-chain venue for high-volume perpetual futures traders. Activity that once concentrated on centralized exchanges has shifted toward the platform, making its largest participants a closely watched group. Their current positioning places the exchange at the center of attention as Bitcoin approaches a price level that could either validate or quickly unwind their long thesis.
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