CryptoQuant Founder Admits CME Data Error; Leveraged Funds Still Net Short BTC

Ki Young Ju corrects prior CME analysis, clarifying that while large institutions hold slight net longs, leveraged funds remain net short BTC, though short exposure has halved.

Woofun AI reports that Ki Young Ju, founder of CryptoQuant, revised his earlier assessment of CME Bitcoin futures data after misclassifying 'Total Reportables' as 'Leveraged Funds.' This error led to the incorrect assumption that hedge funds rarely held net long BTC positions. CFTC data from August 4 reveals that large institutional traders, including asset managers and market makers, hold a slight net long position, confirming a modest bullish institutional stance.

Meanwhile, leveraged funds maintain net short positions in standard BTC futures, although their short exposure has decreased by approximately 50% over the past year due to narrowing basis trading profits relative to Treasury yields. These funds currently hold a minor net long position of +394 BTC in Micro BTC futures, representing roughly 1% of their standard contract shorts. Ki Young Ju noted that while leveraged funds have not flipped net long, their structural bearishness is weakening significantly.