On-chain behavior as a leading indicator of cryptocurrency market sentiment: Interpretation of whale activity and futures positions

The on-chain whale activity and perpetual contract holdings are crucial to measuring sentiment in cryptocurrency markets, with the Fear and Greed Index reaching 74 indicating strong bullish sentiment in the market. Currently, the long-short ratio is close to balance, with long positions at 50.1% and short positions at 49.9%, indicating that the market is balanced but fragile, and whale activity may trigger large price fluctuations. Investors must combine these on-chain signals with macro trends in order to effectively manage risk.