Long positioning in Ethereum (ETH) futures strengthened sharply over the past day, with a notable shift toward ‘USD-margined’ contracts—an often-institutional segment of the derivatives market—suggesting that leverage demand is building even as some accounts appear to be trimming exposure after a short-term run-up. According to data compiled by Coinglass, which tracks the trading behavior of the top 20% of accounts by margin balance (labeled ‘top traders’), ETH recorded the largest day-over-day increase in net long bias among major tokens in the USD-margined market.
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