Hyperliquid Whales Turn Bullish as BTC Funding Stays Negative
Hyperliquid whales have been adding aggressive long exposure, pushing Hyperliquid net longs to the highest level this year after Bitcoin’s recent breakout. BTC briefly reclaimed $82,000, a more than 3-month high.
Derivatives still warn of a crowded trade. Bitcoin’s 30-day average funding rate has remained negative for 67 straight days, implying shorts are paying longs and keeping potential short-squeeze pressure elevated. Binance’s long/short ratio is around 0.53, suggesting retail remains cautious.
Liquidations over the past month were comparatively contained, with most wipouts linked to shorts trying to “sell the top,” while whale-led buying supported price. Traders may see upside continuation if BTC grinds higher while funding stays negative; however, fast crowding of new longs could also trigger choppy rotation.
Bullish
这组数据对 BTC 当下的方向偏利多：Hyperliquid 上巨鲸持续加仓做多，且现货走强（短线重回 82,000 美元区）。同时，BTC 资金费率长期为负（67 天连续），通常意味着市场仍有大量空头押注，理论上更容易在价格进一步上行时触发空头回补与挤压，从而强化上行动能。
不过风险同样存在：若资金费率不再进一步走负，或新增多头过快拥挤，行情可能从“慢涨逼空”转向震荡甚至回撤。因此短线交易上更偏向跟随趋势，同时重点监控资金费率是否继续负值维持/恶化，以及价格在关键上方区间的延续性，以评估挤压是否仍在发酵。