ChainCatcher message: CryptoQuant founder Ki Young Ju posted that hedge funds on the CME have turned into net long positions in BTC futures—this is quite rare.
He noted that basis trading typically results in hedge funds structurally holding short positions, which is also why the related data has stayed in negative territory for years. Basis trading cannot be carried out in a net long position. This hedge fund shift to net long BTC futures suggests that institutional investors are bullish on further upside for BTC.
He noted that basis trading typically results in hedge funds structurally holding short positions, which is also why the related data has stayed in negative territory for years. Basis trading cannot be carried out in a net long position. This hedge fund shift to net long BTC futures suggests that institutional investors are bullish on further upside for BTC.