Bitcoin Leverage Cools Among Top Traders as USDT-Margined Accounts Pull Back

Data from Coinglass shows that Bitcoin long positions among top traders eased on Friday, August 8. The sharpest pullback was seen in 'USDT-margined' accounts, which represents an early sign that some leveraged bulls are de-risking rather than adding exposure ahead of the next directional move.

In 'coin-margined' futures, Bitcoin's long share by position slipped to 65.67%, down 2.05 percentage points from the prior day. This represented the largest swing within the coin-margined group and made Bitcoin the most notable contraction in this segment.

The decline was more pronounced when measuring the share of accounts holding long positions rather than position size. In USDT-margined accounts, the portion of accounts holding BTC longs fell to 53.97%, a 2.80 percentage-point drop day over day, the most pronounced decline among dollar-margined products tracked in the dataset.

Coin-glass data also segments the market into USDT-margined venues and coin-margined products, which tend to attract traders seeking asymmetric upside exposure during bullish regimes. The figures suggest a modest cooling in BTC leverage, most visible in account-level participation on the USDT side, while other majors showed only incremental adjustments.