Bitcoin just rose from around $60,000 to near $80,000, and I noticed something interesting happening at Hyperliquid—big whales have started flipping from short positions to long since early March. This is their most aggressive long position in recent months, and the timing lines up perfectly with the price increase we’re seeing.

Even more interesting, Bitcoin’s funding rate has been negative for 47 consecutive days. This means short positions are still paying long positions to stay open. This combination—whales aggressively going long on Hyperliquid plus a prolonged negative funding rate—usually sets up for a short squeeze if there’s a price spike. So if there’s a macro catalyst (like the S&P 500 hitting an all-time high recently, or Treasury yields remaining soft), it could trigger a pretty brutal squeeze.

Data from Glassnode shows Hyperliquid whales consistently maintaining long positions throughout April, and their bias size continues to grow. Historically, this group—mostly managing positions above $10 million—has a track record of leading spot Bitcoin price movements over days or weeks, not just following. So their long positions now are not noise, but could be a signal worth paying attention to. Still, if market sentiment shifts or there’s a shock from the global economy, these positions could flip quickly. Continuous monitoring of the situation is necessary.