Bitcoin News Today: Bitcoin Dips, Long Positions Surge-Altcoin Resilience Sparks Rebound Hopes

Bitcoin perp accounts have turned decisively long, with the Binance long/short ratio surging to 3.87, signaling a potential shift in market sentiment amid a broader Bitcoin price slump. The ratio, which measures the proportion of long to short positions, reflects a growing appetite for bullish bets despite Bitcoin's 24% drop in November according to Coinpedia. This trend contrasts with typical market behavior, where altcoins usually collapse alongside Bitcoin during sharp declines. Instead, altcoins have shown resilience, with the ALT/BTC ratio rising nearly 9.5% in the month, a sign of seller exhaustion. Binance trading data further underscores this shift, as 60% of volume now flows to altcoins - the highest level since early 2025.

The surge in long positions coincides with a dramatic collapse in Bitcoin perp open interest, down 20% in BTC terms and 32% in USD since October 9, 2025. VanEck's analysis highlights that such declines in open interest often precede oversold conditions, particularly when paired with plummeting funding rates. Funding rates, which reflect the cost of holding leveraged positions, have dropped to historically low levels. This has raised concerns about the reliability of funding rate data, as large basis positions from projects like Ethena (which saw TVL fall from $14B to $8.3B) may artificially depress the metric.

Market analysts are cautiously optimistic about a potential rebound. Astronomer, a crypto strategist, argues that Bitcoin has a 91% chance of not closing below its current weekly lows, citing historical capitulation patterns and the asset's value-to-transaction ratio hitting -1.6 - a level previously associated with undervaluation. Meanwhile, Binance CEO Richard Teng attributed the volatility to broader market deleveraging and risk aversion, noting that Bitcoin's decline mirrors trends in other asset classes. "Consolidation is healthy for the industry," Teng said, emphasizing that the crypto sector has already more than doubled from 2024 levels despite recent losses.

Ethereum's performance also hints at a possible bottoming process. Fundstrat's Tom Lee pointed to Ethereum's locked-value ratio and its price-to-Bitcoin ratio, which currently stand at 50% and 0.032, respectively. These metrics suggest Ethereum is undervalued relative to its long-term averages, with Lee predicting a floor could form this week.

The interplay of these factors - shifting positioning, oversold indicators, and resilient altcoins - paints a complex picture. While Bitcoin faces technical challenges, the market's structural dynamics and investor behavior suggest a potential inflection point. As one analyst noted, "Fear often drives decisions at market bottoms," and those who act against the crowd now may find opportunities as volatility subsides according to economic analysis.