Overview of Perp DEX data on #Hyperliquid currently: Bias is diverging? After a sideways trading period since the beginning of January, Bitcoin's Open Interest began its first recovery, increasing by approximately $1 billion since March 8th – coinciding with the most recent Dip of $ BTC. This suggests that the recent surge to $71,000 was significantly driven by the Derivative market. Positional biases are clearly diverging: The $100k – $5M group is starting to lean towards Longing (>60%). The $100k-$500k group tends to favor Short positions. The Leviathan group remains quite bearish, but it's worth noting that most large funds typically employ delta-neutral or hedging strategies, so a bearish bias cannot be definitively confirmed. The top 10 positions with the largest notional value are currently all in the 66k–75k range, with the Longing side experiencing unrealized profits as most entries are in the 6x area. With strong price-in from both sides, a sustained breakout from the range (combined with supporting macro factors) is likely to mark the end of the sideways phase and open the next medium-term trend.