Bitcoin perpetual futures traders showed a modest bearish bias over the latest 24-hour period, with 48.26% of positions long and 51.74% short across Binance, Bybit and OKX. Binance recorded 48.05% long and 51.95% short, Bybit had 47.82% long and 52.18% short, and OKX showed the most bearish positioning at 47.1% long versus 52.9% short. The consistent, narrow tilt across all three exchanges suggests broad caution rather than an exchange-specific anomaly, but the ratios are snapshots that can change rapidly with prices, news and funding rates. They measure the proportion or number of open positions, not their dollar value or leverage, and should be assessed alongside funding rates, open-interest changes, volume and other market indicators.