Institutions Just Closed a Vast Majority of Their Bitcoin Short Positions: Data

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Bitcoin is pushing higher after bottoming at $11,150 last week. The asset now trades for $11,650 as of this article’s writing. BTC is trading above a pivotal support level as we come into the weekly candle close, which bodes well for bulls. Institutions are responding to the price action by closing their shorts they opened via the CME’s Bitcoin futures market. This comes after the CME reported that institutions were shorter on BTC than they ever have been. Institutions Close Bitcoin Short Positions En-Masse Last week, crypto data tracker “Unfolded” reported that institutional traders using the CME have opened the biggest number of short positions ever. Cumulatively, the “institutional traders” on the platform had 3,119 BTC contracts open on the short side. Chart of BTC's price action since the start of 2018 with CME futures positioning from crypto data site/news aggregator "Unfolded" (@CryptoUnfolded on Twitter). Chart from TradingVIew.com This is…

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