Analysis: Hyperliquid Traders Boost Bitcoin Long Bets Despite Pullback From Peak
Summary
- Glassnode said Bitcoin is trading below its peak, but Hyperliquid traders are increasing their long positions.
- It said that despite the recent downtrend, market participants have continued buying the dip, pushing positioning steadily in a more bullish direction.
- Glassnode said the current market structure reflects persistent dip-buying sentiment, along with rising short squeeze risk from one-sided positioning and continued bets on Bitcoin's long-term upside.
Forecast Trend Report by Period
Bitcoin (BTC) is still trading below its peak, but bullish bets among Hyperliquid (HYPE) traders are continuing to grow, according to an analysis.
Glassnode wrote on X on June 23 that Hyperliquid traders were increasingly leaning long even though Bitcoin has retreated sharply from its high.
The on-chain analytics firm said market positioning kept shifting in a bullish direction even as the recent downtrend persisted. That suggests investors are treating the price correction as a buying opportunity and actively buying the dip.
The current market structure reflects persistent dip-buying sentiment, Glassnode said. It added that the odds of a short squeeze are also rising as positions become increasingly crowded on one side.
Glassnode added that investors are still betting on Bitcoin's long-term upside.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
