Leveraged Funds Go Net Short as Asset Managers Bet Big on Bitcoin

The CFTC's Sept. 22 snapshot reveals a significant shift in market bets on Bitcoin, as big institutional money is split on its next move.

Leveraged funds moved 1,599 contracts further net short in standard CME Bitcoin futures during the week to Sept. 22, widening their net short from 6,354 to 7,953. In contrast, asset managers added 411 contracts to their net long position, increasing it from 2,760 to 3,171.

The shift is notable because it shows that despite growing overall interest in the contract, leveraged funds and asset managers are moving in opposite directions. The CFTC report does not show whether funds held offsetting spot or ETF positions to hedge their futures bets.

The Sept. 22 snapshot also reveals a rise in open interest across the standard CME Bitcoin futures contract, with a total of 22,315 contracts outstanding as of Tuesday. This increase describes the outstanding contracts on that day, rather than current trading activity.