**Bitcoin, Ethereum, and Solana Drive USD-M Perpetual Futures Market Activity with Strong Long Positions**

USD-M perpetual futures markets have seen significant trading momentum across major cryptocurrency pairs over the last 24 hours, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) leading the charge in terms of trading volume and position interest.

**ETH/USDT and BTC/USDT Dominate Trading Volume**

ETH/USDT perpetual contracts reported a robust long/short ratio of 3.76 with a funding rate of 0.0100%, reflecting strong bullish sentiment among traders. The 24-hour trading volume for ETH reached $344.53M, positioning Ethereum at the forefront of perpetual futures trading. Meanwhile, BTC/USDT maintained solid long bias with a long/short ratio of 3.43 and funding rate of 0.0072%, accompanied by impressive $956.60M in 24-hour volume. These figures indicate both the eth and Bitcoin are attracting substantial speculative and hedging activity in the derivatives market.

**SOL Leads Alternative Tokens, While Contrarian Bets on ZEC and TNSR Emerge**

Solana (SOL) demonstrated exceptional bullish interest with the highest long/short ratio at 5.08 and matching ETH's 0.0100% funding rate. SOL/USDT logged $56.90M in daily trading volume. In contrast, ZEC/USDT and TNSR/USDT presented contrarian positioning, with long/short ratios of 0.45 and 0.38 respectively, indicating more traders betting on downside moves. ZEC recorded negative funding of -0.0298% on $17.43M volume, while TNSR showed the most extreme positioning with -0.2797% funding rate on just $2.05M in trades, suggesting potential exhaustion in recent selling pressure.

**Market Implications**

The significant disparity between bullish (BTC, ETH, SOL) and bearish (ZEC, TNSR) positioning highlights a bifurcated market where investor confidence diverges sharply across different digital assets. Traders monitoring these perpetual futures metrics can glean insights into near-term price dynamics and potential reversal patterns.