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16 May 2021
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BITCOIN JUST EXPLODED PAST $10,000 BUT DATA SAYS INSTITUTIONS STILL BEARISH


  • Bitcoin is trading at $10,250 as of this article’s writing, reaching the highest price traded since June’s highs.
  • This recent breakout has been met with much excitement from the cryptocurrency industry. Some think it marks the start of a larger bull run that will eclipse the last one (2016-2017).
  • Data suggests that institutional traders remain short-term bearish on Bitcoin.
  • Surveys and other indicators, though, suggest that institutions of the “old guard” remain long-term optimistic about cryptocurrency.

INSTITUTIONAL CME TRADERS STILL HAVE A BIG BITCOIN SHORT

After weeks of consolidation, many investors were happy when Bitcoin surged seriously higher starting a few days ago. Institutional traders via the CME’s futures market, though, may not be as pleased.

Data shared with the Commodity Futures Trading Commission (CFTC) indicates that most institutional traders in that market are bearish.

News source

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