Data from the US Commodity and Futures Trading Commission reveals that institutional investors flipped bullish on Bitcoin as of April 2nd. The date coincides with the latest bitcoin price rally when it soared from around $4,100 to more than $5,300 in minutes.
Smart Money Goes Long on Bitcoin
Data from the US CFTC reveals that the number of opened long Bitcoin futures contracts by asset managers and institutional investors on the Chicago Mercantile Exchange (CME) increased between March 26th on April 2nd.
Notably, 315 long Bitcoin futures contracts on CME’s platform were opened by April 2nd. This is a whopping 88 percent increase compared to the previous week. Moreover, the number of short positions saw a 63 percent decrease – from 241 to 89 contracts.
Each CME Bitcoin futures contract represents 5 BTC, which are cash-settled. This means that once the contract expires, the user won’t receive a physically-delivered Bitcoin but US dollars instead.
Another thing to note is that the total number of opened long and short…