Leveraged funds, a CFTC category including hedge funds and money managers, increased their combined net short across four regulated Bitcoin futures markets by 1,668 BTC in the week to September 8. The BTC-normalized position widened to 39,876 BTC net short from 38,208 BTC a week earlier. Short exposure rose by 4,965 BTC across the four contracts while long exposure increased by 3,296 BTC. CME’s 5-BTC standard contract supplied 81.5% of the combined weekly change, widening the net short by 272 contracts (1,360 BTC). Bitcoin was trading near $77,300 on September 12, ahead of the FOMC meeting on September 15-16. The CFTC cannot establish whether the short positions represent outright bearish bets or hedges.
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