Wall Street’s Bitcoin bears quietly retreated despite recent plunge toward $80,000
BTC when published $81,827Now $80,617 ▼ −1.48% since it was published
Hedge funds cut their net bearish Bitcoin futures bets nearly 15% even as the cryptocurrency tumbled toward $80,000. Data from the Commodity Futures Trading Commission (CFTC) showed leveraged funds held a net short position equivalent to 30,611 BTC as of Oct. 13, down from 35,903 BTC a week earlier. The 5,292 BTC reduction came as Bitcoin fell nearly 3% during the reporting period, from about $85,600 on Oct. 6 to $83,100 on Oct. 13. The cryptocurrency briefly slipped below $81,000 as rising Treasury yields, weakening institutional demand, and a global technology stock selloff weighed on risk appetite. The decline gave bearish traders opportunities to take profits, while repeated price reversals increased the risk of holding leveraged positions.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
