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Hedge funds shift to net long Bitcoin futures on CME
Positioning data from CryptoQuant shows U.S. hedge funds have turned net long BTC futures as the latest trading range holds between $60,000 and $65,000.
U.S. hedge funds are moving from bearish bets on Bitcoin to wagers on a rally, according to data cited by CryptoQuant.
CryptoQuant says hedge funds trading Bitcoin futures on the Chicago Mercantile Exchange have turned net long the cryptocurrency, a positioning shift that suggests some professional money managers are increasingly targeting higher prices in coming months.
The report notes that several leading U.S. hedge funds, including Citadel, Bridgewater Associates, and Renaissance Technologies, have been negative on crypto for much of the past year.
Even with the futures shift, Bitcoin remains rangebound, trading between $60,000 and $65,000 since the end of June, with a reported low for the year of $58,000 at the end of June. On Aug. 10, Bitcoin was quoted at $64,800, about half its level from last October when it reached an all-time high just over $126,000, according to the article.
Latest closeBitcoin $64,841.08 ▼0.0%