Bitcoin whales build long positions amid negative funding

Large Bitcoin traders, known as whales, have significantly increased their long positions on the Hyperliquid exchange over the past two months. This aggressive long bias, now at its most pronounced since early March, coincides with Bitcoin's price surge towards $80,000. The trend is supported by a sustained period of negative funding rates, where short-sellers pay long-holders, indicating a bearish sentiment in the derivatives market. This setup could potentially trigger a short squeeze if the spot price breaks higher, rewarding these whale positions.