Ethereum (ETH) and Cardano (ADA) See Bullish Bets, Solana (SOL) and HYPE Face Bearish Sentiment

# Open Interest in Ethereum(ETH) Dominates Cryptocurrency Futures Market as Longs Slightly Prevail The global cryptocurrency futures markets are witnessing concentrated open interest around Ethereum(ETH), with long positions marginally surpassing shorts. Market dynamics reveal a cautious tug-of-war between bullish and bearish bets, reflecting mixed sentiment on short-term direction. According to Coinglass data as of 1:45 p.m. on October 29, the total value of long positions in the market for the last four hours was approximately $6.31 billion, compared to $5.83 billion held in short positions. These figures, representing increases of 12.12% and 9.33%, respectively, from the previous day, underscore heightened trading activity amid expanding market volatility. Despite the prevalence of longs, broader market sentiment tends to lean more toward "neutral" or slightly "bearish" territory. # Ethereum and Bitcoin Maintain Long Position Dominance Among individual cryptocurrencies, Ethereum(ETH) open interest was the highest at $2.07 billion, making it the dominant asset in the futures market. Long positions amounted to $1.079 billion (52.12%), while short positions stood at $991 million. A modest 24-hour price increase of 3.92% suggests an optimistic outlook for a potential price recovery. Bitcoin(BTC) followed with a total open interest of $1.199 billion. Longs held $623 million (51.98%), while shorts accounted for $576 million. Despite a 0.95% decline in price, the persistence of long positions indicates expectations of a rebound. Across leading exchanges like Binance and OKX, the long/short account ratio for the BTC/USDT pair remained above 1, signaling an overall bullish stance. # Solana and Dogecoin Face Pressure as Shorts Dominate; Cardano’s Longs Lead In contrast, Solana(SOL) experienced bearish pressure, with shorts comprising 51.04% of its total open interest. The token's 1.14% price decline aligns with increased short positioning. Similarly, Dogecoin(DOGE), Sui(SUI), and HYPE maintained short ratios exceeding 50%, reflecting bearish sentiment. Notably, HYPE saw a sharp 5.70% drop, with shorts constituting 50.78% of its open interest, underscoring concentrated downward pressure. On the bullish front, Cardano(ADA) garnered attention with a long ratio of 52.40%, positioning it among the top bullish assets. Its price saw a modest gain of 0.23%. XRP(XRP) exhibited mixed sentiment with a long ratio of 50.51%, managing only limited price adjustments. # Institutional and Retail Divergence on Exchange-Specific Trends Market dynamics also reveal divergence among major exchange participants. On Binance, top traders held a 1.44 long/short margin ratio for the BTC/USDT pair, indicating a notably bullish stance. Conversely, OKX traders appeared more conservative, with a top-account ratio of 0.92, reflecting cautious positioning amid ongoing market uncertainties. Despite the short-term trajectory favoring bullish sentiment driven by expanded open interest, underlying investor caution persists. With heightened positioning activity, traders need to remain vigilant against liquidation risks, particularly amid potential external shocks that could disrupt the balance of long and short bets.