TokenPost.ai
Futures positioning among top traders tilted more bullish toward Solana (SOL) over the past day, with SOL posting the largest jump in long exposure in the dollar-margined market—an important signal as derivatives flows often foreshadow short-term market direction.
Data compiled from Coinglass, which classifies ‘top traders’ as accounts in the top 20% by margin balance, showed that in the dollar-margined (USDT) market the long share for XRP (XRP) rose to 65.12%, up 1.19 percentage points day over day. Solana climbed to 63.61%, up 2.06 percentage points—the biggest increase among major tokens tracked—suggesting improving conviction or tactical positioning around SOL. By contrast, Ethereum (ETH) slipped to 59.43%, down 0.76 percentage points, indicating a modest cooling in bullish bets.
In the coin-margined market, where contracts are settled in crypto rather than a stablecoin, XRP’s long share increased to 70.68% (+0.92 percentage points). Dogecoin (DOGE) also edged higher to 63.74% (+0.46 percentage points). Ethereum again stood out on the downside, falling to 63.73%, down 2.83 percentage points—the steepest decline among the major assets listed—highlighting relative weakness in leveraged sentiment compared with peers.
Account-level data pointed to a similar pattern. In dollar-margined accounts, Bitcoin (BTC) long exposure rose to 66.29% (+1.19 percentage points), a sign of improving risk appetite among large traders. Solana remained notably high at 77.44% and rose another 0.67 percentage points, reinforcing its status as a current ‘crowded long’ within the cohort. Ethereum, however, declined to 72.24% (-1.26 percentage points), extending its underperformance across both position-based and account-based metrics.
In coin-margined accounts, Dogecoin posted the highest long share at 88.76%, up 0.66 percentage points from the prior day. XRP and Solana also maintained elevated readings at 82.69% and 82.89%, respectively, both continuing to trend higher. Ethereum fell to 76.06% (-1.00 percentage point), again reflecting comparatively softer demand for leveraged upside.
Market participants watch this dataset closely because the positioning of high-balance, high-frequency derivatives traders can serve as a proxy for near-term sentiment and liquidity allocation. Still, analysts caution that interpreting futures bias requires nuance: some traders use perpetuals and futures primarily for ‘hedging’ spot exposure, meaning rising longs do not always translate into pure directional conviction.