Leveraged Funds' Bitcoin Futures Shorts Plummet by 5,300 BTC-Equivalent
Leveraged funds' Bitcoin futures shorts fell significantly in the week leading up to September 29, shrinking by around 5,300 BTC-equivalent. This reduction narrowed their net short position, which is now 35,720.13 BTC-equivalent. The Commodity Futures Trading Commission's latest figures, released on October 2, cover CME standard and micro Bitcoin futures, as well as Coinbase Derivatives' nano Bitcoin and nano perpetual-style futures. Compared to September 22 positions, the funds' reported shorts fell 5,299.69 BTC-equivalent, while longs fell 908.99 BTC-equivalent. Their net short consequently narrowed by 4,390.70 BTC-equivalent, from 40,110.83 to 35,720.13.
The individual products did not move uniformly. Standard CME futures accounted for 4,310 BTC-equivalent of the reduction in reported shorts, while their leveraged-fund longs increased 1,175 BTC-equivalent. Longs fell in CME micro futures and both Coinbase products, more than offsetting that increase. Asset managers' net long across the four products increased 2,137.90 BTC-equivalent to 18,069.10. Their longs rose 573.10 BTC-equivalent, while shorts fell 1,564.80 BTC-equivalent. Most of their stronger net position therefore also came from fewer reported shorts.
The combined open interest, the outstanding futures exposure across these markets, fell 13.31% to 103,343.14 BTC-equivalent from 119,208.26. The improvement in net positioning occurred alongside a contraction in the overall futures market measured here. Smaller shorts do not establish spot demand, as the separately recorded spreading positions represent offsetting positions. Leveraged funds' spreading column also fell, by 11,231.11 BTC-equivalent. The 5,300 BTC-equivalent reduction covers the reported short column, excluding those spread legs.