Bitcoin Price vs Long/Short Ratio

Top: BTC price. Bottom: aggregated BTCUSDT perpetual long/short ratio (0–5).

The top panel shows Bitcoin’s daily closing price. The bottom panel shows the aggregated long/short accounts ratio for BTCUSDT perpetual futures (across major exchanges, via Coinalyze), constrained between 0 and 5.

A ratio of 1.0 (marked by the horizontal line) indicates a balance between long and short accounts. Values above 1.0 mean more accounts are net long than net short (long-biased sentiment), while values below 1.0 indicate a short bias.

By separating price and positioning into two stacked panels, this layout makes it easy to see how extreme long or short crowding aligns with local and macro BTC tops, corrections, and recoveries.