I’ve noticed something interesting about Hyperliquid over the past few weeks. The crypto whales managing massive positions (we’re talking about more than $10 million) have completely changed their game. They shifted from net short to net long at the beginning of March, and they continued to build up their long positions throughout April. This is exactly when BTC started its rebound from $60,000 to reach $80,000.

What’s fascinating about these crypto whales on Hyperliquid is that historically they precede spot market moves by several days—sometimes even weeks. So when you see this kind of aggressively long positioning, you need to take it seriously. Right now, the funding for Bitcoin perpetual contracts remains deeply negative at -0.13% over seven days. We’re talking about 47 consecutive days of negative funding, which means shorts are paying longs to keep their positions open. This is one of the longest stretches of its kind ever recorded.

The setup is classic for a short squeeze. You’ve got crypto whales aggressively building long positions, extreme negative funding punishing short positions, and now the S&P 500 at historic levels. If we see a macroeconomic breakout or any kind of catalyst, these positions could explode quickly. Conversely, if the market reverses, the liquidation could be just as violent. For now, BTC is trading around $80.76K, and everything will depend on how the market reacts over the next few days.