CryptoQuant创始人认错：解读CME持仓有误，杠杆基金仍维持BTC净空头仓位

Odaily Planet Daily News: CryptoQuant founder Ki Young Ju posted on platform X, issuing a correction to his previous analysis of CME Bitcoin futures positioning. He stated that he had mistakenly labeled "Total Reportables (large institutional traders)" as "Leveraged Funds," leading to the conclusion that CME hedge funds had rarely turned net long on BTC futures. In reality, leveraged funds continue to maintain a net short position in BTC futures.

Ki Young Ju provided CFTC futures positioning data as of August 4:

1. Large institutional traders overall hold a slight net long position, a category that includes asset managers, market makers, and dealers. Ki Young Ju noted that while the net long magnitude is limited, his earlier assessment of a bullish institutional bias still holds.

2. Leveraged funds continue to maintain a net short position in BTC futures, but their standard BTC futures net short size has decreased by approximately 50% over the past year (measured in BTC). The primary reason is declining basis trade returns—as futures basis yields fell below U.S. Treasury yields, the arbitrage window narrowed. Leveraged funds currently hold a net long position in Micro BTC futures, but the size is small, at only approximately +394 BTC, equivalent to about 1% of the standard BTC futures net short size.

Ki Young Ju stated that leveraged funds have not yet turned net long overall, but their long-term structural short position is clearly weakening, which may reflect arbitrage trade unwinding and directional position adjustments.