Despite the harrowing price drop seen in late September, institutions are expecting for the Bitcoin (BTC) price to soon head higher \u2014 at least for institutions involved in the Chicago Mercantile Exchange (CME) futures market.<\/p>\n
According to a recent Commitments of Traders report shared by Romano,<\/a> traders that identify as either “asset managers” or “institutions” are currently 69.31% long on the CME’s Bitcoin futures, and 30.69% short by the number of contracts open.<\/p>\n Romano noted that just two weeks ago, when Bakkt launched, the same report said that the aforementioned demographic was net short. Of course, Bitcoin crashed in the days that followed. This, he claims, is a sign that institutions “have a good track record for the right directional trade”.<\/p>\n COT Report: Bitcoin CME Asset managers\/Institutional net long (They were net short at the day of the bakkt launch. They have a good track record for the right directional trade) pic.twitter.com\/utohW7wMlD<\/a><\/p>\n — Romano (@RNR_0) October 6, 2019<\/a><\/p><\/blockquote>\n\n
Futures Only Positions as of 2019-10-01
CFTC Code: #133741<\/p>\n
69.31 % long and 30.69% short<\/p>\n