The Last Time Institutions Built This Big of a Bitcoin Short, It Crashed 60%

shutterstock 440449237 630x420

As Bitcoinist has extensively covered over recent weeks, Bitcoin is in an odd spot. The leading cryptocurrency currently trades above the support of $8,500 and below the $10,000 resistance. With BTC stuck between a rock and a hard place, investors have become indecisive as to what comes next. Nothing shows this as well as the funding rate of Bitcoin futures markets, which have trended towards 0.00%. Yet data has shown that quietly, institutional traders have been building a notable Bitcoin short position. Institutions Are Building a Bitcoin Short Position Via the CME According to data shared by crypto news aggregator “Unfolded,” data shows that institutional investors in Bitcoin are short-term bearish. Unfolded shared the chart below on July 12th, which cites data from the Chicago Mercantile Exchange’s Bitcoin futures market. The CME BTC futures are arguably the foremost market for firms on Wall Street to get exposure to cryptocurrencies. The…

Read the original article here