According to Ki Young Ju, CEO of blockchain data analytics firm CryptoQuant, hedge funds trading Bitcoin futures on the Chicago Mercantile Exchange have shifted from net short to net long positions. This change suggests that professional traders are increasingly betting on bitcoin prices rising.
This represents a rare shift from years of structural short positioning driven by the basis trade. Professional traders now appear to be taking an optimistic view towards Bitcoin, contrary to previous patterns.
Written by James Tobias
Bitcoin Desk
