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Large traders on Hyperliquid have shifted from net short to their most aggressively net-long bitcoin positioning since early March, aligning with a rise in the cryptocurrency from the mid-$60,000s to near $80,000. The move comes alongside persistently negative perpetual swap funding, a combination that has historically set up short squeezes when spot prices break higher.
Glassnode data shows whale positioning on Hyperliquid, the onchain perpetual futures exchange, flipped from net short to net long in early March and has remained net long since. The long bias has also increased through April.
The change in positioning coincided with bitcoin grinding higher—from the mid-$60,000s in February to a brush near $80,000 earlier this week.
Hyperliquid has become a preferred venue for traders running large positions. In the past year, a sustained long bias from this cohort has tended to lead spot bitcoin price action by days to weeks rather than simply follow it.
Bitcoin perpetual swap funding across major exchanges is at -0.13% on a seven-day basis, according to Coinglass. This implies that shorts are paying longs to keep positions open.
That negative funding has persisted for roughly 47 consecutive days, one of the longest stretches of bearish derivatives positioning on record. When sustained negative funding coincides with aggressive long positioning, the setup can produce short squeezes if spot prices continue to break higher.
In traditional markets, the S&P 500 closed at a record high on Friday, capping its longest weekly advance since 2024. At the same time, oil and Treasury yields have been easing, which can influence risk appetite.
Separately, Treasury yields dropped after the Justice Department closed its probe into Federal Reserve Chair Jerome Powell, potentially clearing the path for Kevin Warsh’s confirmation as the next Fed leader.
Over the coming hours and days, market participants will be watching whether these conditions help sustain the Hyperliquid whale long bias—or whether it becomes vulnerable to a rapid unwind if price action stalls.
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