4月27日，在近期加密市場波動趨緩的背景下，大額資金動向再度成為市場關注焦點。ZFX山海證券指出，比特幣歷經階段性整理後，資金結構已出現明顯轉變，尤其衍生品市場的大額持倉行為，往往對價格走勢具備前瞻指標意義。數據顯示，Hyperliquid平台上持倉規模超過1000萬美元的交易族群，已從過去的淨空頭逐步轉為淨多頭，並於4月持續強化多頭布局；此一趨勢，與比特幣價格自6萬美元中段一路攀升、逼近8萬美元區間的走勢高度吻合。

On April 27, amid the recent easing of volatility in the crypto market, the movements of large capital flows have once again become the focus of market attention. ZFX believes that after a period of consolidation, Bitcoin’s capital structure has undergone notable changes. In particular, large-position activities in the derivatives market often serve as a leading indicator of price trends. Data shows that traders holding positions worth over 10 million US dollars on the Hyperliquid platform have gradually shifted from net short to net long positions, with bullish sentiment further strengthening in April. This shift is highly aligned with Bitcoin’s price rally from the mid-$60,000 range to nearly $80,000.