BTC perp accounts turn heavily long as Binance long/short ratio surges to 3.87

The long/short account ratio for BTC perpetual contracts on Binance, tracking the top 20% of users by margin balance, surged to 3.87 last week, marking its highest level in over three years. This indicates that nearly four times as many large accounts are net long as are net short. This shift contrasts sharply with the situation a month prior, when BTC hit an all-time high above $126,000; at that time, the ratio was below 0.6, suggesting those same major accounts were predominantly net short or heavily hedged into the peak. Since then, BTC has dropped over 35%, and the sentiment among these top traders has flipped to strongly net long. The article cautions that this metric reflects perp account direction only, not total portfolio risk, as net-short perp positions at highs could have been hedges for spot sales, and current net-long bias might reflect hedging short options rather than pure bullish bets.

(Source：The Block)