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Markets  + Alternative Assets  + Capital Markets  + Crypto  + Crypto  + Latest News  |  April 5, 2024
Hedge Funds Hold Record Short Bets on Bitcoin
Joe Palmisano
By: Joe Palmisano

Hedge Funds Hold Record Short Bets on Bitcoin

Hedge funds and commodities trading advisors increased their bearish bets on bitcoin futures to record levels at the end of the first quarter, according to a report citing the latest data from the Commodity Futures Trading Commission (CFTC).

Leveraged funds upped their short positions in the Chicago Mercantile Exchange’s (CME) standard bitcoin (BTC) futures contracts to 16,102, the highest level since they began trading in late 2017, according to latest CFTC data.

With each contract representing BTC5, institutions are apparently short more than BTC80,000, which is worth $5.4 billion at current rates, according to Coindesk.

This unprecedented increase in short wagers may imply a high interest from hedge funds in carry trade opportunities, as investors seek to capitalize on three-month futures premiums of more than 10% following bitcoin’s recent price slide from levels above $73,500 in March, noted Coindesk, citing Velo Data.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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