The approach of major players in Hyperliquid toward Bitcoin is going through an interesting period. Since early March, they’ve shifted from a net short position to the most aggressive long positions to date. As the price rises from the mid-$60,000s toward $81,000, these whale moves have tracked this rally precisely. Managing positions above $10 million, this group often acts days or even weeks ahead of spot movements, and this time, too, they appear to be playing a similar leading role.

Technically speaking, the ongoing negative funding rates are quite striking. Short positions have been paying to keep long positions open for 47 consecutive days. According to Coinglass data, the seven-day funding rate is at -0.13%. This prolonged bearish derivatives positioning, combined with Hyperliquid whales’ aggressive long bias, is technically setting the stage for a short squeeze.

On the macro front, there is some uncertainty. While the S&P 500 closes at record levels, oil and Hazine yields are falling. Developments in ABD politics and foreign-policy moves are also factors to watch. Such macro disruptions could either reward Hyperliquid whales’ long positions with high gains or trigger a rapid unwind. How these dynamics develop in the coming days is also important for investing strategies measured in dollars.