Deep Tide TechFlow message: On August 10, CryptoQuant founder Ki Young Ju posted that the CME exchange’s BTC futures positions held by hedge funds have—rarely—flipped to a net long. Due to the structural characteristics of basis trade setups, hedge funds typically maintain a net short position for the long term, and related charts have shown negative values for years. The appearance of net longs this time suggests that institutional investors can no longer sustain shorts through arbitrage, and have instead actively bet on BTC’s price rising, which is viewed as a strong institutional bullish signal.