As of 9:15 AM on the 15th, data from CoinGlass shows a significant decline in long positions for Bitcoin and Ethereum in the USDT-margined futures market. The proportion of long positions in Ethereum fell by 5.78 percentage points to 54.24%, while Bitcoin dropped 3.44 points to 59.50%. In contrast, Dogecoin saw a 2.11-point increase to 70.03%, indicating divergent trends among major cryptocurrencies.
Account-Level Long Position Decline
The reduction in long positions was even more pronounced when measured by the percentage of accounts holding longs. In the USDT-margined market, the share of long accounts for both Bitcoin and Ethereum plummeted by 11 percentage points each, to 56.15% and 56.07% respectively. Solana and XRP also saw declines, though more modest, while Dogecoin remained nearly flat.
Coin-Margined Market Shows Muted Movements
In the coin-margined futures market, Ethereum's long position ratio fell 4.57 points to 54.37%, while Bitcoin and Dogecoin also declined. Solana and XRP bucked the trend with slight increases. Account-level data in this segment showed limited changes across the board, with XRP, Bitcoin, and Ethereum all posting small declines.
Market Context
The data reflects a cautious shift among top traders, defined by CoinGlass as those in the top 20% of margin balances. The USDT-margined market, favored by institutional investors for hedging and short-term trading, saw the largest adjustments. Meanwhile, the coin-margined market, often used by long-term bulls, showed relative stability, suggesting that while short-term sentiment has cooled, broader bullish conviction remains intact.