For the first time in years, hedge funds have shifted to a net long position on CME Bitcoin futures, marking a significant departure from their usual basis trade strategy. The Coinbase Premium Index shows US demand has remained negative since early May, around minus 0.08, indicating that real institutional buying is not supporting this bullish bet. Open interest across all platforms stands at roughly $23 billion, sharply down from $48 billion last October, signaling a lack of fresh capital entering the market. Bitcoin traded around $65,254, and the hedge fund bet remains unconfirmed by the broader market.
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