[Gift Master PICK] Leveraged positions are stuck in a stalemate… BTC and ETH are weakening, while XRP and other altcoins are showing selective strength

■ Major Cryptocurrency Long Positions Overview

The market is currently in a de-leveraging phase dominated by Bitcoin and Ethereum, while funds are flowing into altcoins like Ripple and Dogecoin, forming a “selective risk appetite” structure.

Based on position data, Bitcoin and Ethereum’s USD margin shares are 49.04% and 52.29%, respectively, both down from last week, continuing the de-leveraging trend. This is interpreted as reflecting the overall risk-averse sentiment in the market. In contrast, Ripple’s USD margin share has increased by 0.58 percentage points to 53.33%, making it one of the few major assets showing leverage expansion.

■ Proportion of Long Positions by Accounts

A similar trend is observed at the account level. Bitcoin and Ethereum’s USD margin shares have each decreased by over 6%, indicating significant position reductions. Meanwhile, Ripple has slightly increased to 72.11%, maintaining relative strength.

Dogecoin’s USD margin share has risen by 1.54 percentage points, and its account-based margin share has increased to 74.70%, showing continued inflow of leveraged funds.

■ Top Long Positioning Coins

[Editor’s Note] The trading patterns of top cryptocurrency futures traders are important indicators for gauging future market trends. Given that this group has high trading expertise and market sensitivity, observing which coins they focus on going long can help grasp overall investor sentiment and direction. However, note that some traders may hedge spot holdings with futures contracts, so additional analysis is needed when interpreting data. CoinGlass defines the top 20% of investors by margin balance as top traders.

The USD margin market is mainly favored by institutional investors seeking stable returns, used to reduce volatility and for short-term trading and hedging. The coin-margined margin market is common among crypto bulls or long-term holders looking to leverage their assets. An increase in open contracts in the coin-margined market during a bull run suggests market optimism, while growth in USD margin trading volume during a bear market may indicate inflows of institutional funds.