Bitcoin perpetual futures traders across the three largest derivatives exchanges—Binance, OKX, and Bybit—are exhibiting a cautious bullish bias, while broader derivatives market liquidations reached $82 million in the past 24 hours, overwhelmingly dominated by short positions. According to aggregated long/short ratio data, the overall split is 51.43% long versus 48.57% short, signaling modest optimism among leveraged traders.
A breakdown by exchange shows Bybit with the highest long percentage at 53.36%, followed by Binance at 52.52%, and OKX at a more balanced 51.02%. These ratios measure open positions on perpetual futures, which track the spot price of Bitcoin without an expiry date and are used for both speculation and hedging.
Simultaneously, total liquidations hit $82 million, with Bitcoin accounting for $39.81 million (80.08% shorts), Ethereum $30.74 million (78.5% shorts), and SPCX $12.07 million (78.65% shorts). The lopsided short liquidation figures indicate a continuing short squeeze, where bearish traders are forced to buy back positions as prices rise, amplifying upward price pressure.
The modest long/short skew, far from extreme levels, suggests that while traders lean bullish, they are not overly confident. This positioning, combined with the dominance of short liquidations, points to a market environment that could see further short-term upside if squeezes persist. However, the data also highlights the fragility of highly leveraged positions and the potential for sharp reversals.
