Riot Lands Record $9.1B Data Center Deal as Leveraged Funds Ease Short

CryptoQuant founder Ki Young Ju corrected an earlier reading of CME Bitcoin futures data after mislabeling one trader category in his analysis. The mistake led to an incorrect impression that hedge funds had rarely turned net long on Bitcoin futures, but Ki said his earlier view that institutions were leaning long still stood.

Leveraged funds remain net short on BTC futures, though their standard net short position has weakened by about 50% over the past year in BTC terms. This decline is attributed to weaker basis-trading returns, as futures basis returns fell below US Treasury yields, making arbitrage opportunities less attractive.

Riot Platforms signed a 20-year agreement for 191 megawatts of computing capacity at its Rockdale campus in Texas, with an expected $9.1 billion revenue during the base term. The initial contract runs through June 2048, and two optional five-year extensions could lift potential contract revenue to about $16.1 billion.