Leveraged funds cut Bitcoin futures shorts by 5,300 BTC
Leveraged funds’ reported Bitcoin futures shorts fell about 5,300 BTC-equivalent in the week to Sept. 29 while aggregate longs also declined, narrowing their net short.
CFTC futures-only data released in the Oct. 2 reporting cycle show leveraged funds’ reported shorts across four products fell 5,299.69 BTC-equivalent in the week to Sept. 29, while their reported longs fell 908.99 BTC-equivalent. The funds’ net short narrowed by 4,390.70 BTC-equivalent to 35,720.13 BTC-equivalent.
The report covers CME standard and micro Bitcoin futures plus Coinbase Derivatives’ nano Bitcoin and nano perpetual-style futures. Totals convert different contract sizes into BTC-equivalent exposure and reflect futures positions rather than transfers of physical bitcoin.
Standard CME futures accounted for about 4,310 BTC-equivalent of the drop in reported shorts. In standard CME, leveraged funds’ longs increased by 1,175 BTC-equivalent. Long exposure fell in CME micro futures and in both Coinbase products, which more than offset the standard-CME long increase.
Asset managers moved in the opposite direction. Their net long across the four products rose 2,137.90 BTC-equivalent to 18,069.10, driven mainly by a 1,564.80 BTC-equivalent decline in reported shorts. Their longs increased 573.10 BTC-equivalent.
Combined open interest across the four products fell 13.31% to 103,343.14 BTC-equivalent from 119,208.26. The leveraged funds’ spreading column, which records offsetting spread positions, declined by 11,231.11 BTC-equivalent.
The monthly CME micro expiry fell on Sept. 25, between the two reporting dates. The CFTC groups traders by predominant business activity and its reports do not show individual trades or paired spot and ETF holdings. A futures short can be part of a hedge. The next reporting cycle is scheduled for Oct. 9.
Articles by this author
