출처: Block Media
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# Short Sentiment Gains Traction in Crypto Derivatives Market, Bitcoin and Altcoins Under Pressure
The cryptocurrency derivatives market saw a sharp pivot on October 24, as bullish optimism faltered by the afternoon, giving way to heightened short positioning across Bitcoin (BTC) and other major tokens. Earlier in the day, signs of renewed market confidence, such as increasing open interest and improving funding rates, hinted at a possible recovery. However, a surge in short positions after 1:00 PM disrupted market stability. Further exacerbating the bearish sentiment were reports indicating Bitcoin ETFs experienced outflows for a third consecutive day.
By 1:55 PM, Bitcoin had dipped 0.47% to $11,825, as reported by CoinGlass. Ethereum (ETH) dropped by 2.53% to $3,635, while Solana (SOL) saw a steep 6.72% decline, slipping below the $188 level. Ripple (XRP) extended its slide with a loss of 9.55%, and Cardano (ADA) fell nearly 5%, further confirming downward momentum across the board.
# Fundamental Shift in Derivatives Market Trends
The derivatives market saw notable shifts in supply-demand dynamics that pointed to a bearish sentiment. Bitcoin futures recorded a significant 25.4% decline in long position trading volume over four hours, while short volume only dropped by 11.6%, signaling a cautious approach by short sellers. The overall market positioning tilted bearish, with shorts comprising 52.3% of positions compared to 47.7% for longs.
The shift became more evident around 1:00 PM, following a steep sell-off in long positions. Earlier in the day, the BTC long-to-short ratio was stable at roughly 50%, but as the selloffs intensified, it fell to a low of 0.75. Major exchanges mirror this transition: Binance reported a long-to-short ratio of 0.88, while OKX posted 0.85, highlighting strengthened short-side activity.
# Altcoins Mirror Bitcoin’s Short Bias
The growing dominance of short positions wasn’t limited to Bitcoin—it spilled over into the altcoin market. Ethereum, for instance, saw its long ratio dip below 50% to 49.66%. Similarly, Solana’s long ratio dropped to 47.52%, Ripple's fell to 49.03%, and Cardano's reached 48.64%, reflecting a bearish tilt across key altcoins.
Solana, in particular, faced amplified selling pressure, recording a sharp price drop of more than 6% alongside a short-position dominance of 52.48%. This dual hit of price decline and short bias further cemented bearish sentiment.
Interestingly, some altcoins like Dogecoin (DOGE), Sui (SUI), and Litecoin (LTC) managed to buck the trend slightly, maintaining modest long-position leads of 50.41%, 50.71%, and 51.53%, respectively. This suggested pockets of dip-buying interest despite the broader market's downward trajectory.
# Risk-Averse Strategies Likely to Prevail Amid Bearish Sentiment
As open interest rises but remains dominated by short positions, traders are likely to adopt conservative, risk-averse strategies in the near term. With short sentiment setting the tone, the focus may shift to managing exposure and bracing for periods of heightened volatility. In this environment, market participants seem inclined to tread cautiously, avoiding significant directional bets and preparing for more sustained downward pressure within the cryptocurrency derivatives market.
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