POSITIONING
Which way the crowd is leaning
How many accounts are betting on a rise against a fall.
Long against short across 3 exchanges
Recorded on all 3 exchanges.
Right now
More accounts betting up, 1.81 to 1
This counts accounts rather than money, so one very large trader weighs the same as one very small one. Read beside funding, which is weighted by money, the two often point different ways, and that disagreement is the interesting part. Neither is a forecast: a crowded side is not a side that is wrong.
The numbers
behind the chart
What does the current reading show?
Long against short: the latest reading is 1.64, on . The highest reading since is 2.10 on ; the lowest is 1.06 on .
A contract here is one exchange's version of the bet. The dollar-settled and the coin-settled versions count separately, so an exchange can carry more than one. Two sets of exchanges are published side by side and never spliced into one line: the widest set the site follows, and the three with the longest record. Joining them would draw a step change on the morning an exchange arrived and label it a market move. These stopped trading or paused, and are no longer counted: BitMEX on 16 Sep 2026, one Bitget contract on 17 Sep 2026 and Coinbase International on 1 Oct 2026.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Long against short | 1.64 | 2.10 | 1.06 |
How do the readings compare with earlier dates?
| Reference date | Long against short |
|---|---|
| 1 month ago | 1.15 |
What was the reading at each month’s end?
| Reading date | Long against short |
|---|---|
| 1.40 | |
| 1.07 | |
| 1.47 |
Understanding
Bitcoin Futures Positioning
Where it stands today
There are 1.81 accounts betting on a rise for every one betting on a fall as of .
The long-short ratio counts accounts, not money. One account with a very large position weighs the same as one with a very small one, so the ratio describes the crowd rather than the capital. Read beside funding, which is weighted by money, the two often disagree, and the disagreement is the interesting part.
It is not a forecast. A crowded side is not a side that is wrong, and the cases where a lopsided reading preceded a sharp move in the other direction are the ones people remember rather than the ones that are typical.
Two views of the same number run side by side on this page and are never joined into one line. The wider one covers every exchange here and is the more complete picture; it is also the younger, because it only begins on the first day all of them reported. The narrower one is three exchanges with months of history behind it. A single line spliced from both would draw a step upward on the morning the other exchanges arrived and it would look exactly like a market move.
Source: Read from the exchanges' own published contract records, 9 of them, once a day. A contract here is one exchange's version of the bet. The dollar-settled and the coin-settled versions count separately, so an exchange can carry more than one. Reading for .