Bitcoin perpetual futures traders held a mild bearish bias over the past 24 hours across Binance, Bybit and OKX, the three largest crypto derivatives exchanges by open interest. The aggregate split was 48.5% long and 51.5% short, with shorts ahead on every platform: Binance recorded 48.22% long and 51.78% short, Bybit 48.28% long and 51.72% short, and OKX 48.64% long and 51.36% short. The figures measure the share of open positions rather than trading volume and can change rapidly. A short-heavy market can reflect defensive sentiment but may also increase short-squeeze risk if Bitcoin rises. Long/short ratios are only one market indicator and should be considered alongside funding rates, open interest, liquidation data and broader macroeconomic signals.