CryptoQuant Founder: Correcting Previous CME Data Interpretation, Large Institutions Overall Still Slightly Net Long on BTC Futures

August 11th, CryptoQuant founder Ki Young Ju stated that he had made a mistake in his previous data interpretation regarding CME BTC futures, mislabeling "Total Reportables" as "Leveraged Funds," and he is now making a correction.

Ki Young Ju stated that according to CFTC futures data as of August 4th, Total Reportables on CME (all large reportable traders, mainly institutional investors) are currently in a slightly net long position. Therefore, his previous assessment that institutions are mostly bullish remains valid, but the bullish advantage is limited. This data represents not only hedge funds but also asset management firms, trading firms, and other reportable traders.

He further pointed out that Leveraged Funds are still maintaining a net short position on standard BTC futures, but their net short position has decreased by about 50% in BTC terms over the past year. As the basis trading advantage diminishes and the basis yield falls below the U.S. Treasury yield, some structural shorts are decreasing.

In addition, Leveraged Funds hold a net long position on Micro BTC futures, but the size is small, at around 394 BTC, equivalent to about 1% of the net short position in standard BTC futures. Ki Young Ju stated that Leveraged Funds have not yet shifted to a net long position overall, but their long-standing structural shorts are significantly decreasing, possibly reflecting both basis trading closures and directional position adjustments.