[Futures traders’ picks] Bitcoin long accounts rise 4.95 points; Dogecoin coin-margined longs fall

Bitcoin’s share of dollar-margined accounts holding long positions rose 4.95 percentage points, while Ethereum’s increased 5.10 points. By position size, Ethereum’s coin-margined long share fell 4.74 points, the largest decline among the five major assets tracked.

On November 13, Ethereum’s coin-margined long position share stood at 73.56%, down 4.74 percentage points from November 12. Dogecoin followed with a 3.18-point decline to 76.67%. Bitcoin fell 1.06 points to 71.78%, and Solana slipped 0.79 points to 84.96%, while XRP rose 1.28 points to 85.38%. Coin-margined contracts use cryptocurrency as collateral.

Dollar-margined long position shares declined across all five assets. Bitcoin recorded the largest decrease, falling 2.37 percentage points to 67.39%, followed by XRP, down 1.67 points to 67.65%. Dogecoin slipped 0.59 points to 73.96%, Solana fell 0.58 points to 68.91%, and Ethereum edged down 0.23 points to 65.75%.

By account count, Ethereum posted the largest increase in the dollar-margined long share, rising 5.10 percentage points to 80.87%. Bitcoin followed with a 4.95-point increase to 79.48%. XRP rose 0.51 points to 78.79%, Dogecoin gained 0.32 points to 76.78%, and Solana added 0.31 points to 80.74%. Bitcoin and Ethereum therefore showed opposing moves across the two measures: their long position shares fell while their long account shares increased.

Changes in coin-margined long account shares remained below one percentage point across all five assets. Bitcoin rose 0.45 points to 82.47%, and Ethereum gained 0.16 points to 84.09%. XRP fell 0.23 points to 87.79%, Solana slipped 0.04 points to 89.37%, and Dogecoin declined 0.67 points to 91.80%. Dogecoin’s account-share decline was smaller than its 3.18-point drop by position size.

[Editor’s note]Position shares and account shares measure different aspects of futures positioning. The increases in Bitcoin and Ethereum long account shares alongside falling long position shares show why the two measures should be read together when assessing the data.