Institutions Not Aggressively Shorting Bitcoin, Says CryptoQuant CEO
CryptoNewsTerminal Staff19 Sep, 2024
Institutions Not Aggressively Shorting Bitcoin, Says CryptoQuant CEO
CryptoQuant CEO Ki Young Ju took to Twitter on July 26 to share his insights on institutional activity in the Bitcoin market. According to Ju, institutions are not aggressively shorting Bitcoin (BTC) anymore, as evidenced by a 75% decrease in their net position on the CME futures market over the last five months. This suggests that institutional investors are becoming more bullish on BTC. Ju's observations align with recent data from Glassnode, which shows that the number of Bitcoin held by exchanges has been declining. This suggests that institutions are accumulating BTC and taking it off exchanges, which is a sign of long-term bullishness. The decrease in institutional shorting and the increase in accumulation suggest that institutional investors are becoming more confident in Bitcoin's long-term prospects. This is a positive sign for the cryptocurrency market.
