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Ki Young Ju, founder & CEO at CryptoQuant, highlights that hedge funds on CME have shifted to a net long position in BTC futures.
He notes this is unusual, as the prevailing basis trade has historically kept hedge funds structurally short, making the chart 'red for years.' According to him, this new positioning suggests these institutional investors are betting on further upside for BTC.
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Earlier, Ki Young Ju reported that Bitcoin spot demand had weakened while futures demand remained positive. In a separate development, he noted that active Bitcoin wallets surged to a two-year high following a Coldcard hack. These observations come amid recent shifts in institutional positioning on CME.