Glassnode reported that traders on Hyperliquid have continued to increase long positions in Bitcoin even as BTC remains well below its all-time high, suggesting persistent dip-buying throughout the broader downtrend and a buildup in potential short-squeeze pressure.
According to ChainCatcher, the report also said an altcoin cycle indicator has moved back into “altcoin season,” while selling pressure in altcoins appears to be fading.
However, Glassnode noted that Bitcoin is still under downward pressure, and current market direction remains primarily driven by BTC’s price action.
Glassnode: Hyperliquid Traders Increase Bitcoin Long Positions as Altcoin Cycle Signal Returns to “Altcoin Season”
2026-06-23 08:54:27
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