Wall Street’s Bitcoin bears quietly retreated despite recent plunge toward $80,000
Summary
CFTC data showed leveraged funds cut net bearish Bitcoin futures positions by nearly 15% in the week to Oct. 13, reducing net shorts from 35,903 BTC to 30,611 BTC as Bitcoin fell from about $85,600 to $83,100. Outright shorts fell faster than longs, but funds still held more than twice as much short exposure as long exposure. Funds increased offsetting futures spreads while CME Bitcoin futures open interest declined. Asset managers remained net long. Bitcoin later dropped below $80,000 amid inflation concerns, rising yields and market liquidations, but those moves occurred after the CFTC snapshot; the next report was expected to show whether funds changed positioning again.
