Why a sudden 5,500 BTC drop in leveraged short positions failed to deliver the bullish confirmation Bitcoin traders wanted
Leveraged funds' combined net bearish position across CME's standard and micro Bitcoin futures narrowed by 5,566.5 BTC-equivalent between July 21 and July 28.
The Commodity Futures Trading Commission's futures-only report, released at 3:30 p.m. ET on Friday, July 31, captured positions as of Tuesday, July 28. It showed asset managers moving the other way: their combined directional net weakened by 2,204.3 BTC-equivalent over the same week.
The split in the numbers
The two groups remained on opposite sides of the market after those changes:
| Trader group | July 21–28 change in directional net | July 28 directional net |
|---|---|---|
| Leveraged funds | 5,566.5 BTC less net bearish | 33,712.3 BTC net short |
| Asset managers | 2,204.3 BTC less net bullish | 11,284.3 BTC net long |
For leveraged funds, the standard Bitcoin futures net improved by 1,076 contracts, equal to 5,380 BTC. The Micro Bitcoin futures net improved by another 1,865 contracts, equal to 186.5 BTC. CME's contract guide sets the standard contract at 5 BTC and the micro at 0.1 BTC.
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