PANews reported on May 7th that, according to The Block, Glassnode data shows that Bitcoin whales on Hyperliquid have pushed their net long positions to a new high for 2026. Glassnode noted on its X platform that whales have been consistently increasing their cumulative long positions in recent weeks, continuing the bullish trend that emerged during last month's BTC price breakout. Hyperliquid, as the largest on-chain perpetual contract exchange, often uses whale activity as a sentiment indicator; the platform's total whale positions are approximately $3.5 billion, with long positions slightly exceeding short positions.

Over the past month, most liquidations have focused on short positions. Bitcoin briefly broke through $82,000 on Wednesday, hitting a three-month high. Bitcoin has maintained a negative 30-day average funding rate for 67 consecutive days, the longest streak in a decade, which some analysts believe may signal a market bottom. However, the long/short ratio on Binance is currently around 0.53, below 1, indicating that most accounts remain bearish.