Top crypto futures traders are dialing back exposure in Bitcoin (BTC) ‘dollar-margined’ contracts, while steadily increasing long positioning in Ethereum (ETH) and XRP (XRP)—a divergence that suggests more selective risk-taking as leverage dynamics shift across major tokens. The latest positioning snapshot from CoinGlass, which tracks the trading behavior of “top traders” (defined as accounts in the top 20% by margin balance), shows mixed movement in the share of ‘USDT/USD-margined’ (often referred to as the U-market) versus ‘coin-margined’ (the C-market) futures.
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