Following Bitcoin’s sharp drop, the derivatives market shows bets diverging toward altcoins rather than a fear-driven, one-sided short squeeze. Solana and Dogecoin attract concentrated retail long positions, while professional funds hedge against downside risk.
Ethereum has fallen more than 7% in 24 hours, yet retail longs remain more than three times higher, while whale positions and directional indicators stay bearish. XRP and Dogecoin also show elevated retail longs, while directional signals remain bearish.
Bitcoin Cash stands out as an exception, with relatively low retail longs and bearishly skewed indicators among large holders, implying defensive selective buying amid the selloff. Taken together, the derivatives landscape is not simply in a downtrend but features bets that diverge by asset strength and momentum.
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