The majority of top cryptocurrency futures traders are heavily long on Dogecoin, with 88.9% of coin-margin accounts holding long positions as of the latest data. This makes DOGE the most bullish major asset by account-based long ratio among tracked coins, though the ratio rose only 0.29 percentage points from the previous day, suggesting limited further expansion.
Bitcoin and Ethereum Show Mixed Sentiment
Bitcoin (BTC) long positions in dollar-margin markets climbed 1.39 percentage points to 54.62%, while coin-margin long positions slipped 1.78 points to 48.18%, indicating a slight weakening in directional conviction. Ethereum (ETH) saw a sharp 5.27-point drop in coin-margin longs to 60.46%, the largest decline among major assets. XRP presented a contrasting picture: dollar-margin longs fell 2.10 points to 60.42%, but coin-margin longs edged up 0.44 points to 70.22%.
Solana and XRP Maintain Strong Bullish Bets
Solana (SOL) recorded the strongest bullish positioning among major coins in coin-margin markets, with long positions reaching 76.60%. Dollar-margin longs, however, decreased by 2.19 percentage points, hinting at some profit-taking. By account, Solana's long ratio stood at 77.88% in dollar-margin and 82.70% in coin-margin. XRP also showed persistent optimism, with coin-margin accounts holding 83.52% long positions.
Top Traders' Positioning as Market Indicator
Data from Coinglass defines top traders as those in the top 20% by margin balance. Dollar-margin markets are typically favored by institutional investors seeking stability and hedging, while coin-margin markets attract bullish long-term holders using leverage. In bull markets, rising open interest in coin-margin markets signals optimism; in bear markets, increased dollar-margin volume may indicate institutional inflows. The current data suggests broad bullish sentiment among top traders, particularly for Dogecoin and Solana.