Bitcoin Whales on Hyperliquid Lift Net Longs to New 2026 High

Whale Positioning on Hyperliquid

In an X post on Wednesday, Glassnode published a chart showing that Bitcoin whales on Hyperliquid have been aggressively increasing their cumulative long positions in recent weeks. This behavior continues a pattern of whales adding to long exposure during a BTC price breakout last month.

Hyperliquid is described as the largest onchain perpetuals exchange, and its whale flows are often tracked as a sentiment indicator. Total whale positions on the platform stand at about $3.5 billion, with long exposure slightly outweighing short exposure.

The expansion of net long positions to a new 2026 high suggests that large accounts on Hyperliquid are maintaining or increasing their directional exposure despite a broader environment of muted derivatives liquidations.

Derivatives Metrics and Market Context

The latest readings on Hyperliquid come during a relatively calm phase for crypto liquidations across top derivatives exchanges, according to data cited from The Block. Over the past month, most liquidations have been concentrated among short positions, indicating that traders positioned against the price have been more frequently forced to close.

Bitcoin briefly traded above $82,000 on Wednesday, marking its highest level in more than three months. At the same time, the cryptocurrency has registered 67 consecutive days of negative 30-day average funding rates, its longest such stretch this decade. Some analysts cited in the report view extended negative funding as a possible signal of a market bottom, though the article does not provide a consensus view.

Despite the increased whale long exposure on Hyperliquid, broader positioning indicators remain mixed. The long/short ratio on Binance is currently around 0.53, according to The Block’s data, meaning that accounts on the world’s largest crypto exchange are predominantly short, with readings below 1 interpreted as broadly bearish positioning.

FAQ

What new record did Bitcoin whales set on Hyperliquid?
Bitcoin whales on Hyperliquid pushed their net long positions to a new 2026 record, as reported by Glassnode.

How large are whale positions on Hyperliquid?
Total whale positions on Hyperliquid are about $3.5 billion, with long exposure slightly exceeding short exposure.

What is happening with crypto liquidations across major exchanges?
Crypto liquidations across top derivatives exchanges are relatively calm, with most liquidations over the past month occurring among short positions.

How does Binance positioning compare with Hyperliquid whale activity?
While whales on Hyperliquid hold record net long positions, the Binance long/short ratio is around 0.53, indicating that most accounts there are currently positioned bearish.