There has been a remarkable movement in the Hyperliquid exchange, which is preferred by traders with a significant volume in the cryptocurrency market, for the last two months. According to the data shared by Glassnode, large positions on Bitcoin on this platform turned from short positions to long positions at the beginning of March, and this position gradually strengthened in April.
Remarkable Transformation in Whale Positions
According to the Glassnode report, users who traded large volumes on Hyperliquid turned their short positions in Bitcoin to long in early March. This trend has turned into the strongest long position accumulation recorded in the platform’s data set. The change in question took place in parallel with the price of Bitcoin approaching 80 thousand dollars in the previous week, after hovering around 60 thousand dollars in February.
Hyperliquid exchange has become one of the primary choices of traders who want to open positions at large rates over the past year. It is observed that such whale movements are especially effective in determining spot Bitcoin prices days or weeks in advance.
Latest data show that large investors have been acting aggressively with bullish expectations since March and are constantly increasing their positions.
Perpetual Swap Funding Rates and Technical Outlook
Another prominent data in the crypto derivatives market was perpetual swap funding rates. According to information published by Coinglass, the Bitcoin perpetual swap funding rate on major exchanges is at -0.13% on a seven-day basis. This rate means that short position holders pay those who open long positions.
It is stated that this negative funding rate has continued uninterruptedly for approximately 47 days. This reveals the tendency to hold long-term bearish positions in derivative markets on a historical scale. Experts point out that negative funding and hyperliquid whales holding excessively long positions may pave the way for the formation of a “short squeeze” with the price increase.
Impact of Global Financial Developments
Current developments in the global market also attract attention. S&P 500, one of the leading indices in the USA, broke a record at the close on Friday and achieved its longest weekly rise in 2024. The US Department of Justice’s termination of the investigation into Jerome Powell led to a decrease in Treasury bond interest rates.
On the other hand, the meetings between Iran and the USA planned for the weekend in Pakistan did not take place. US President Donald Trump canceled his delegation’s visit to Islamabad due to the Iranian Foreign Minister leaving the country before the talks.
The impact of all these developments on long Bitcoin positions on the Hyperliquid exchange is expected to become clear in the coming hours and days.
