Glassnode analysts reported that large traders on Hyperliquid are holding the largest BTC long positions in the platform’s history. Notably, this imbalance has remained persistent rather than being a short-lived spike. Long exposure has surpassed the levels seen during the previous rally, when Bitcoin climbed to $83,000. BTC is currently trading at around $65,000, up approximately 2.37% over the past 24 hours.
According to Glassnode, this positioning points to strong speculative demand at current price levels.
Market participants are also drawing attention to the imbalance between the derivatives and spot markets. One trader, commenting on the report, pointed to excessive long leverage alongside weak spot demand. Another cited Glassnode’s own data, which shows that Bitcoin ETF trading volumes have fallen 78% from their peak.
“Moves driven by perpetual futures without support from spot buying are more likely to end in liquidations than in an upside breakout,” he noted.
He added that ETF inflows will be the key indicator to watch over the coming weeks.