Bitcoin perpetual futures across the three largest derivatives exchanges—Binance, OKX, and Bybit—posted a narrow bullish tilt in the last 24 hours. The aggregate long-to-short ratio stood at 51.04% long and 48.96% short, signaling a cautious optimism among traders. Exchange-by-exchange readings show Binance at 51.18% long (48.82% short), OKX at 51.27% long (48.73% short), and Bybit at 50.17% long (49.83% short).
These parallel readings point to a market-wide sentiment rather than platform-specific momentum. Historically, long/short ratios surpassed 65% during the 2021 bull run and dipped below 40% during the 2022 bear phase. The current 51.04% long ratio marks a modest shift toward bullish positioning, aligning with macro developments such as growing institutional adoption, ETF approvals, and regulatory clarity, alongside Bitcoin’s 2024 halving and favorable macro conditions.
Analysts emphasize that long/short metrics measure sentiment, not guaranteed capital allocation. Maria Chen of CryptoMetrics Research notes that retail traders often lead long positions in early uptrends, while institutions accumulate during neutral-to-bearish periods, suggesting accumulation may be taking place beneath the surface. Additional indicators—neutral funding rates, rising open interest, and balanced liquidations—support a credible, careful expansion in derivatives activity.
From an exchange-dynamics perspective, Binance’s global scale tends to reflect social sentiment, OKX’s Asian footprint highlights regional trading patterns, and Bybit’s professional user base underscores hedging across instruments. Taken together, the data suggest a delicate equilibrium with a mild bullish bias, rather than a dramatic breakout, in the BTC perpetual futures space.
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