Big institutional money is split on Bitcoin’s next move as massive market bets shift

Leveraged funds moved 1,599 contracts further net short in standard CME Bitcoin futures during the week to Sept. 22, reversing the prior week's easing, while asset managers added 411 contracts to their net long. The CFTC snapshot captures two major trader groups moving in opposite directions as Bitcoin enters a new week. At five BTC per standard contract, the funds' change amounts to 7,995 BTC-equivalent of net futures exposure.

The funds held 4,745 long contracts and 12,698 short contracts on Tuesday, leaving a net short of 7,953, compared with 6,354 a week earlier. Their longs fell by 800 contracts and their shorts increased by 799. That combination widened the net short; the weekly change cannot be described solely as new short positions. The BTC-equivalent figure measures the futures shift, with no corresponding spot Bitcoin sale shown in the report.

Asset managers' 4,962 longs and 1,791 shorts left them net long 3,171 contracts, up from 2,760. They added 434 longs and 23 shorts during the week, producing the 411-contract increase in their net long. Open interest across the standard CME Bitcoin futures contract rose by 1,542 contracts to 22,315 as of Sept. 22. The rise describes that Tuesday's outstanding contracts across the market, rather than current Sunday trading.