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Top futures traders trimmed long exposure in Solana (SOL) and Dogecoin (DOGE) on Tuesday ET, according to Coinglass data, offering a fresh snapshot of how leveraged sentiment is rotating across major tokens in the ‘USDT-margined’ and ‘coin-margined’ derivatives markets.

The dataset tracks positioning among “top traders,” which Coinglass defines as accounts in the top 20% by margin balance. While the figures can be a useful gauge of risk appetite, they do not always represent outright directional bets—some participants use futures to hedge spot holdings—meaning shifts in long ratios may reflect portfolio rebalancing as much as conviction trades.

USDT-margined longs: DOGE cools while BTC and ETH firm

At 9:57 a.m. in Seoul (12:57 a.m. UTC), the long-position share by position size in the USDT-collateralized market showed Dogecoin (DOGE) at 67.24%, down 1.88 percentage points day over day—the largest decline among the tracked majors. Bitcoin (BTC) rose to 56.40% (+1.44 percentage points) and Ethereum (ETH) climbed to 59.81% (+1.16 percentage points), both posting gains of more than 1 percentage point. XRP (XRP) eased to 60.02% (-0.75 percentage points), while Solana (SOL) was broadly unchanged at 61.29% (+0.07 percentage points).

Coin-margined longs: SOL leads the increase, XRP shows a wide collateral gap

In the coin-collateralized market, Solana (SOL) recorded the biggest increase in the long-position share by position size, rising to 55.82% (+1.63 percentage points). XRP (XRP) stood out for its divergence between collateral types: the coin-margined long ratio reached 70.02% (+0.62 percentage points), roughly 10 percentage points higher than its USDT-margined reading of 60.02%.

Elsewhere in coin-margined positioning by size, Dogecoin (DOGE) edged up to 64.45% (+0.30 percentage points). Bitcoin (BTC) and Ethereum (ETH) were little changed at 49.50% (-0.10 percentage points) and 58.52% (-0.19 percentage points), respectively, suggesting more restrained repositioning compared with the sharper moves seen in SOL and the USDT-margined DOGE pullback.

Account-based long ratios: sharp drop for SOL in USDT-margined accounts

A more notable shift appeared when the data is viewed by the share of accounts holding net-long positions. In USDT-margined accounts, Solana (SOL) fell to 69.99%, down 4.70 percentage points—the steepest move across the group. Ethereum (ETH) also posted a sizable decline to 74.17% (-4.44 percentage points), and Bitcoin (BTC) slid to 69.04% (-2.09 percentage points). XRP (XRP) and Dogecoin (DOGE) were largely stable, ticking to 74.86% (+0.03 percentage points) and 73.07% (+0.05 percentage points), respectively.

Coin-margined accounts: DOGE remains highest, ETH gains while SOL slips

In coin-margined accounts, Dogecoin (DOGE) maintained the highest share of net-long holders at 88.51% (+0.39 percentage points). Ethereum (ETH) rose meaningfully to 80.92% (+1.83 percentage points). Solana (SOL), by contrast, was the only major to fall by more than 1 percentage point, dipping to 80.88% (-1.96 percentage points). Bitcoin (BTC) and XRP (XRP) inched up to 72.71% (+0.21 percentage points) and 83.13% (+0.25 percentage points).

Why the U- vs C-market split matters

In Coinglass’s framework, the ‘USDT-margined’ (often called the “U-market”) is typically favored for stable collateral management and is widely used for short-term trading and hedging. The ‘coin-margined’ (“C-market”) is often associated with traders willing to hold crypto collateral and apply leverage to expand exposure, a structure that can amplify directional risk when prices swing. As a result, divergences between the two markets can hint at whether positioning is being driven by ‘institutional-style hedging’ and short-term tactics or by more overtly bullish, collateral-in-crypto risk taking.

Tuesday’s readout points to a nuanced picture: broad long ratios by position size remained elevated across majors, but the sharp pullback in the share of USDT-margined accounts holding SOL longs suggests traders may be reducing concentrated exposure or tightening risk controls even as coin-margined participation stays comparatively high. For the broader market, the spread between account-based and size-based measures underscores that leverage is not only about direction, but also about how broadly sentiment is shared across traders—and whether a move is being driven by many smaller accounts or a narrower set of larger positions.

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