CME Hedge Funds Go Net Long on Bitcoin
Hedge funds trading Bitcoin futures on the Chicago Mercantile Exchange (CME) have shifted to a net-long position, marking a significant change in institutional sentiment. This shift comes as the traditional basis trade, selling futures while buying spot Bitcoin or ETFs, loses appeal due to declining futures yields and higher returns on U.S. Treasury notes.
Bitcoin's price recovery above $65,000 further supports this bullish outlook. The move suggests professional traders are increasingly betting on Bitcoin's price rising, which could indicate growing confidence in the cryptocurrency's future gains.