CryptoQuant Founder: CME Hedge Fund BTC Futures Positions Rarely Flip to Net Long

TechFlow reports that on August 10, CryptoQuant founder Ki Young Ju pointed out in a post that hedge funds' BTC futures positions on the CME exchange have rarely flipped to net long. Due to the structural characteristics of basis trades (Basis Trade), hedge funds usually maintain net short positions for the long term, and relevant charts have continuously shown negative values for years. The emergence of this net long position indicates that institutional investors can no longer maintain short positions through arbitrage and are instead actively betting on BTC price upside, which is seen as a strong institutional bullish signal.