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 focus 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 as of 10:30 AM on the 4th, the long position proportion of top futures traders for Bitcoin was 59.23% in dollar margin and 63.01% in coin margin.
Ethereum showed a solid bullish position with 74.93% in dollar margin and 78.08% in coin margin.
XRP had 63.98% in dollar margin and 81.19% in coin margin, indicating relatively strong buying sentiment in the coin margin market.
Solana maintained a bullish trend with 65.68% in dollar margin and 84.45% in coin margin, showing high long proportions in both markets.
Dogecoin maintained a buying advantage within a limited range with 69.38% in dollar margin and 73.28% in coin margin.
Long Position Account Proportion
Based on top trader accounts, Bitcoin's long holding proportion was 52.02% in dollar margin and 64.97% in coin margin, maintaining a relatively high proportion in the coin margin market and reflecting buying sentiment.
Ethereum confirmed an overall bullish sentiment with 70.31% in dollar margin and 82.05% in coin margin. XRP had high buying proportions in both markets with 73.03% in dollar margin and 86.74% in coin margin.
Solana maintained a clear bullish position with 75.04% in dollar margin and 86.93% in coin margin. Dogecoin showed a particularly strong long position proportion in the coin margin market with 72.10% in dollar margin and 89.13% in coin margin.
Strongest Bullish Position Assets
Looking at the position proportions by asset for top traders, in the dollar margin market, BROCCOLI714 (89.1%), C98 (87.4%), and HEI (86.6%) had high long proportions, while in the coin margin market, SOL (84.5%), GMT (83.5%), and ALGO (81.6%) topped the list.
In terms of account-based strong assets, the dollar margin market saw GHST (86.37%), NTRN (84.50%), and GTC (84.25%), while the coin margin market recorded DOT (93.0%), FIL (92.7%), and NEAR (92.5%) with the highest proportions. This indicates that the bullish expectations for some altcoins remain strong.
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 open interest in the C market increases, suggesting market optimism, while in a bearish market, increased trading volume in the U market may indicate institutional fund inflows.
[This article does not provide financial advice, and the investment results are the sole responsibility of the investor.]
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