Paul Tudor Jones’ firm cut its IBIT call options by 85.2% in Q2, while increasing its direct share stake by 18.9% to 688,529 shares.
This is not bullish. The direct share position remains 91.4% below its late-2024 peak. The firm cut its stake every quarter of 2025. Jones frames bitcoin as an inflation hedge, but his trading shows him selling into strength.
Our read: Jones is a macro trader, not a bitcoin maximalist. His firm uses bitcoin tactically, not as a core holding. Watch what he does, not what he says.
$BTC needs to reclaim EMA50 at $63,161. $BTC
This is not bullish. The direct share position remains 91.4% below its late-2024 peak. The firm cut its stake every quarter of 2025. Jones frames bitcoin as an inflation hedge, but his trading shows him selling into strength.
Our read: Jones is a macro trader, not a bitcoin maximalist. His firm uses bitcoin tactically, not as a core holding. Watch what he does, not what he says.
$BTC needs to reclaim EMA50 at $63,161. $BTC