Bitcoin whales build long positions as funding stays deeply negative

Long bias from the largest perpetual traders on Hyperliquid has built steadily through February, March and April, with the position now leaning aggressively long as bitcoin tags $80,000 and US-Iran talks resume. What to know : Large traders on Hyperliquid have shifted from net short to their most aggressively net-long bitcoin positioning since early March, coinciding with the coin’s climb from the mid-$60,000s to near $80,000. This group of holders, which typically runs positions above $10 million, has historically led spot bitcoin moves by days or weeks, and the current long bias aligns with 47 straight days of negative funding rates that leave shorts paying longs. With U.S. stocks at record highs, oil and Treasury yields easing, any macro-driven breakout could trigger a short squeeze that either richly rewards or rapidly unwinds these Hyperliquid whale longs.