Hedge Funds Bet Against Bitcoin with Record Short Positions on CME Futures

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Hedge funds are ramping up their short positions against Bitcoin on the Chicago Mercantile Exchange (CME), even as spot Bitcoin exchange-traded funds (ETFs) enjoy a 19-day streak of inflows.

According to Zerohedge, the Commodities Trading Commission (CFTC) Commitments of Traders (COT) report revealed a significant increase and a new record high in Bitcoin hedge fund net

Are Hedge Funds Bearish on Bitcoin?

The data shows hedge funds increased their net short positions in CME standard Bitcoin futures contracts. These positions reached a record high of 18,175 contracts. These contracts, sized at 5 BTC each, are part of a trading strategy in which traders sell futures contracts to profit from anticipated drops in the underlying asset’s price.

Nonetheless, Samson Mow, CEO of JAN3, is convinced that “all Bitcoin shorts will eventually close, either willingly or unwillingly.”

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