The trading patterns of top cryptocurrency futures traders are used as an important indicator to gauge the future movements of the cryptocurrency market. As they possess high trading expertise and market sensitivity, examining which assets they concentrate their long positions on helps understand the overall investment sentiment and direction. However, some may use futures contracts to hedge spot positions, requiring additional analysis when interpreting the data. Coinglass defines top traders as investors in the top 20% of margin balance. [Editor's Note]
Long Position Status of Major Assets
According to Coinglass, the long position proportion of top futures traders for Bitcoin was 59.77% (+1.05%p) in dollar margin and 65.43% (-0.56%p) in coin margin. Dollar margin saw a slight inflow of buying pressure, while coin margin showed a mixed trend with a slight decrease.
Ethereum showed a stronger position with dollar margin at 73.16% (+0.34%p) and coin margin at 78.47% (+0.61%p), expanding its long proportion compared to the previous day.
XRP was at 66.49% (+0.29%p) in dollar margin and 81.05% (-1.25%p) in coin margin, with buying pressure in dollar margin but a slight decrease in long positions in coin margin.
Solana showed strong buying pressure with dollar margin at 70.43% (+1.09%p) and coin margin at 87.02% (+0.95%p), significantly expanding long proportions in both margin markets. Dogecoin was at 75.05% (+1.27%p) in dollar margin and 75.76% (-0.12%p) in coin margin, with increased long positions in dollar margin but a mixed trend in coin margin.
Long Position Account Proportion
Based on top trader accounts, Bitcoin's long holding proportion increased to 44.30% (+2.29%p) in dollar margin and 62.48% (+0.29%p) in coin margin. This can be interpreted as a signal of recovery in short-term bullish momentum for Bitcoin.
Ethereum remained high but adjusted significantly at 63.45% (-10.46%p) in dollar margin and 81.64% (-1.11%p) in coin margin, suggesting possible profit-taking by some investors.
XRP showed mixed trends at 76.72% (+0.57%p) in dollar margin and 86.15% (-0.02%p) in coin margin. Solana was at 70.47% (-0.69%p) in dollar margin and 84.53% (-0.10%p) in coin margin, showing slight adjustments but maintaining high buying pressure. Dogecoin was at 75.38% (-0.07%p) in dollar margin and 87.63% (+0.36%p) in coin margin, with little change in dollar margin but a slight increase in long positions in coin margin.
Strongest Positioned Assets
Based on top traders, in the dollar margin market, ▲BROCCOLI714 (87.7%) ▲C98 (86.0%) ▲TUT (85.5%) had the highest long proportions, while in the coin margin market, ▲SOL (87.0%) ▲SAND (85.1%) ▲ALGO (82.6%) led. Solana particularly showed strong upward expectations with the highest long proportion in coin margin.
In terms of account-based strong assets, the dollar margin market saw ▲GHST (86.18%) ▲QUICK (85.80%) ▲DODOX (85.34%), while the coin margin market showed ▲DOT (92.9%) ▲FIL (92.4%) ▲APT (91.9%), indicating continued strong buying preference for specific assets. This suggests that investors see high upside potential in certain altcoins.
The dollar margin market (U market) is primarily preferred by institutional investors seeking stable returns, used to reduce volatility and for short-term trading and hedging. The coin margin market (C market) is often used by cryptocurrency bulls or long-term holders to increase assets through leverage. In a bullish market, the increase in open interest in the C market suggests market optimism, while in a bearish market, increased trading volume in the U market may indicate institutional fund inflow.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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