Hedge Funds Flee Shorts on CME as Bitcoin Sees Rare Hedge Fund Long Position
Hedge funds on the Chicago Mercantile Exchange (CME) have made a rare shift by flipping net long on Bitcoin futures, departing from their usual basis trade shorts. This change comes as Bitcoin trades at $65,106.59 within its Bollinger band, with upper resistance at $65,398.95.
The bullish trend structure remains intact above the EMA50 support at $64,542.04 and EMA200 at $63,765.36. However, the MACD death cross at 188.25 clashes with a neutral RSI reading of 58.4 on the 4-hour chart, suggesting limited upside before any potential retracement to the 50-EMA.
This development is significant as hedge funds have traditionally been structurally short on Bitcoin futures through basis trades. The change in their stance may indicate growing optimism among market participants.