Whales Are Going Long on Bitcoin — Can BTC Surge to $110,000?

Major Bitcoin investors, commonly referred to as whales, have recently funneled millions of dollars into long positions, signaling renewed confidence in the flagship cryptocurrency. As BTC hovers near $61,000 with modest daily gains, the question on traders’ minds is whether large-scale bullish bets can propel Bitcoin back toward the coveted $110,000 mark.

Surge in Derivatives Open Interest

Over the past week, derivatives markets have recorded a notable uptick in open interest for Bitcoin perpetual contracts. On one prominent platform, long open interest climbed to over $3.1 billion, a multi-month high. Whale addresses alone have contributed roughly a quarter of the recent increase, underscoring their influence in shaping market dynamics.

Hyperliquid Sees Heavy Long Exposure

Hyperliquid, in particular, has emerged as a hotspot for whale activity. Several accounts with histories of large-scale orders have deployed combined notional volumes exceeding $250 million into long BTC positions within the last 48 hours. These transactions have driven open interest upward by nearly 8 percent in just two days.

Funding Rates Point to Bullish Bias

Funding rates across most perpetual swaps remain firmly positive, hovering around 0.02 percent. This means longs are paying shorts, indicating that the market sentiment is skewed bullish. When funding rates remain elevated, it often precedes strong directional moves in the underlying asset, as leveraged longs push prices higher to justify their financing costs.

Potential Price Catalysts and Resistance Levels

Bitcoin’s April halving event reduced the daily issuance rate to 450 BTC, tightening supply amid growing demand from institutional and whale investors. On the flip side, macroeconomic uncertainties—such as central bank rate decisions—could dampen momentum. Key technical thresholds lie at $65,000 and $72,000. A sustained break above $72,000 would clear the path toward $80,000 and set the stage for a potential run at $110,000 later this year.

Conversely, failure to hold support around $60,000 may invite a correction toward the $58,000–$59,000 zone before bulls step back in. Traders will be watching open interest and funding rates closely for early signs of either FOMO-driven acceleration or profit-taking reversals.

Conclusion

Whale-driven long positions suggest a bullish backdrop for Bitcoin in the near term, but the road to $110,000 remains contingent on broader market forces and investor appetite. While the influx of large bets could ignite a powerful rally, retail participants should stay nimble, managing risk around established support and resistance levels. As whales stake their positions, the coming weeks will reveal whether Bitcoin can translate institutional optimism into fresh all-time highs.