Bitcoin, Ethereum Long Positions Surge as Top Traders Increase Leverage

Top futures traders tilted more heavily toward long positions in Bitcoin (BTC) and Ethereum (ETH) on Friday, with CoinGlass data showing a sharp jump in the share of accounts holding BTC longs in the USD-margined market—an indicator often watched for shifts in leveraged sentiment and potential volatility.

At 12:15 a.m. ET on Aug. 1 (4:15 a.m. UTC), CoinGlass data tracking the positioning of “top traders”—defined as accounts in the top 20% by margin balance—showed divergent moves across major tokens and margin types, underscoring how leverage appetite can change quickly even when spot markets appear relatively stable.

In the USD-margined futures market, Dogecoin (DOGE) recorded the most notable pullback in long positioning by position share. DOGE longs accounted for 71.36% of positions, down 2.23 percentage points from the previous day. By contrast, ETH rose to 58.16% (+2.16 percentage points), while BTC edged up to 61.72% (+1.87 percentage points) and Solana (SOL) increased to 62.80% (+1.28 percentage points). XRP (XRP) was largely unchanged at 61.81% (+0.27 percentage points).

In the coin-margined futures market, ETH saw the clearest increase in long positioning by position share, climbing to 66.75% (+3.61 percentage points). BTC rose to 70.48% (+1.96 percentage points), while SOL, DOGE, and XRP showed more modest changes—78.41% (+1.12 percentage points), 75.50% (+0.99 percentage points), and 79.86% (+0.44 percentage points), respectively.

Account-based data, which measures the proportion of traders holding net long exposure rather than the share of total positions, showed even more pronounced shifts. In the USD-margined market, the share of accounts holding BTC longs surged to 70.26%, up 13 percentage points day over day—the largest change among tracked assets. ETH also posted a sizable increase to 69.56% (+9.35 percentage points). SOL rose to 75.65% (+3.55 percentage points) and XRP increased to 76.45% (+2.04 percentage points), while DOGE ticked up more modestly to 77.96% (+1.39 percentage points).

In the coin-margined market, BTC again led changes in account share, rising to 71.75% (+2.19 percentage points). SOL increased to 82.33% (+1.16 percentage points). ETH, XRP, and DOGE remained close to flat by comparison, at 76.40% (+0.85 percentage points), 85.10% (+0.76 percentage points), and 89.68% (+0.59 percentage points), respectively.

Market participants often interpret these metrics through the lens of margin preference. USD-margined futures—settled in stablecoins or dollars—are frequently associated with more conservative capital deployment and short-term hedging, while coin-margined futures are commonly used by traders seeking to compound crypto exposure via leverage. Rising activity and long concentration can signal stronger risk appetite, although positioning can also reflect hedges against spot holdings rather than outright directional bets.

The latest data suggests a broad-based increase in leveraged long participation in BTC and ETH—especially among USD-margined accounts—while DOGE showed the clearest cooling in position-share terms. Whether that shift translates into follow-through depends on spot liquidity and volatility conditions, but the concentration of longs among top accounts increases the market’s sensitivity to sharp moves that can trigger cascading liquidations.