An interesting pattern is currently visible on major trading platforms. I looked at 15-minute data on the ratio of longs to shorts for Bitcoin — the picture appears quite uniform: traders are clearly betting more against the price than for it everywhere.

On the largest exchanges, the situation is roughly the same. On one of them, longs account for just under 45%, and shorts exceed 55%. On another major platform, it's 41% for longs and 59% for shorts. But when looking at specialized derivatives platforms, the picture is even more extreme — on some, shorts make up 70-76% of all open positions.

There is one exception — one platform shows the opposite picture, where longs dominate by about three times. But overall, this looks like a market consensus: most participants are cautious and preparing for a correction. The ratio between shorts and longs at this level usually indicates that traders expect the price to move down in the near future.