Which Way Are the Whales Who Caught Last Year’s Bitcoin Drop Betting Now?

According to a post containing Glassnode data, the Bitcoin whales tracked on Hyperliquid have been net long for approximately six months. The group, which positioned itself correctly for much of the decline following last year’s peak, has been weighted toward the upside since March.

The post states that the whales switched to net long in March 2026 and increased their bullish positions throughout the summer. The assessment here is not about a single investor taking profits; it concerns the shift in direction over several months among the group of large investors tracked on Hyperliquid.

They changed direction in March and added to their positions throughout the summer

The group’s net position moves above the zero line around March on the chart and remains predominantly in positive territory thereafter. Net long means that the group’s bullish positions are larger than its bearish positions. It does not mean that every whale made the same trade or that all short positions were closed.

The detail emphasized by the source is not just the reversal in March: The investors being tracked also increased their long exposure during the summer months. Therefore, the picture describes positioning that strengthened over several months rather than new trades opened all at once today.

Why does their position during the previous decline matter?

According to the post, these investors on average captured much of the decline following Bitcoin’s peak last year. The chart also shows net short positions becoming pronounced after the peak. This past positioning is why the same group’s current bullish bias is drawing attention.

However, the chart does not show how much profit each account made individually or whether all of its trades were successful. The current net long picture is also limited to the group tracked on Hyperliquid; it cannot be inferred that all Bitcoin whales or institutional investors are moving in the same direction.

The key change shown by the data is that the group, which previously carried a bias toward the downside, shifted to the bullish side in March and strengthened that preference throughout the summer. Their having positioned themselves correctly in the past does not guarantee the outcome of their new positions.