[Gift Expert PICK] Altcoins Overheated... TST·TUT Breaks Through 87%, Only ETH Remains Weak

■ Current Long Position Status of Major Cryptocurrencies

The long and short positions of major cryptocurrencies are showing a tug-of-war, with the market remaining in a phase of directional exploration. The gap between USD margin and coin-margined margin has widened for some coins, indicating a clear divergence in investor positions.

From the perspective of position standards, Ethereum (ETH) shows relatively weak signals. Its USD margin long ratio is 54.72%, down 4.29 percentage points from the previous day; coin-margined margin long ratio is 71.91%, down 1.21 percentage points. Overall leverage positions have decreased in long exposure, suggesting short-term sentiment is waning.

In contrast, Ripple (XRP) exhibits the opposite trend. Its USD margin long ratio is 58.63%, up 4.84 percentage points, indicating strong buying inflows; while the coin-margined margin long ratio is 67.07%, down 1.79 percentage points, showing divergence among market participants’ directional judgments.

■ Proportion of Long Position Accounts

From the account perspective, an overall trend of increasing long positions is observed. Bitcoin (BTC) USD margin long ratio is 50.53%, up 3.04 percentage points, indicating increased buying; however, the coin-margined margin long ratio is 63.82%, down 0.40 percentage points, reflecting differences across derivative structures.

Dogecoin (DOGE) confirms a relatively consistent strong long position stance. Its USD margin long ratio is 72.73%, up 1.37 percentage points; coin-margined margin long ratio is 83.58%, up 0.53 percentage points, maintaining overall buying dominance.

This indicates that even within the same asset, positions can diverge based on margin structure and account standards, suggesting that investors are employing diversified strategies during periods of increased short-term volatility.

■ Most Bullish Long Position Coins

[Editor’s Note] The trading patterns of top cryptocurrency futures traders serve as important indicators for assessing future market trends. Due to their high level of trading expertise and market sensitivity, observing the coins with concentrated long positions among this group helps grasp overall investor sentiment and direction. However, caution is needed, as some traders may hedge spot positions with futures contracts, requiring additional analysis when interpreting data. CoinGlass defines the top 20% of investors by margin balance as top traders.

The USD margin market (U market) is mainly favored by institutional investors seeking stable returns, used to reduce volatility, conduct short-term trading, and hedge. The coin-margined margin market (C market) is often where bullish crypto enthusiasts or long-term holders leverage to increase assets. An increase in open interest in C market during a bull run suggests optimistic market sentiment, while rising trading volume in U market during a bear market may indicate institutional capital inflows.