THELOGICALINDIAN - Institutional CME Traders Still Have a Big Bitcoin Short
After weeks of consolidation, abounding investors were blessed back Bitcoin surged actively college starting a few canicule ago. Institutional traders via the CME’s futures market, though, may not be as pleased.
Data aggregate with the Commodity Futures Trading Commission (CFTC) indicates that best institutional traders in that bazaar are bearish.
According to Crypto Unfolded, CME accounts accounted “institutional traders” cumulatively captivated a Bitcoin abbreviate position bulk to about 1,700 affairs as of July 21st. That’s to say, the boilerplate institutional broker trading the CME’s Bitcoin bazaar expects a retracement.
It is important to point out that this “smart money” has historically predicted amount activity well.
As can be apparent in the blueprint above, institutions congenital up a ample Bitcoin abbreviate afore the blast to $3,700 in March. And above-mentioned to that, at the much-awaited barrage of Bakkt’s futures, there was additionally a ample abbreviate position formed afore BTC slipped big time.
Long-Term Bullish on BTC and Cryptocurrency
Despite these concise positions, institutions acutely abide abiding optimistic about Bitcoin and crypto narratives.
Grayscale Investments, the New York-based agenda asset manager, appear beforehand this ages that it saw a almanac division of investment. In its Q2 report, the aggregation wrote:
Analyses accept begin that Grayscale has apparent such inflows that its articles afresh were arresting added Bitcoin than there was actuality mined. The aggregation mostly casework institutional investors like barrier funds.
Fidelity Investments, the $2 abundance Wall Street asset manager, additionally appear a analysis in June advertence institutions abide bullish on cryptocurrency.
That analysis appropriate that a majority of institutions surveyed see at atomic one acumen why cryptocurrencies are adorable in an advance portfolio. These affidavit accommodate crypto actuality uncorrelated, an avant-garde technology play, or an asset chic with a aerial abeyant upside.
