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Hedge Funds Reduce Bitcoin Futures Shorts
Hedge funds reduced their net bearish Bitcoin futures bets by nearly 15% in the week ending October 13, coinciding with Bitcoin's decline to around $83,100. CFTC data showed leveraged funds held a net short position of 30,611 BTC, down from 35,903 BTC a week earlier. Bitcoin fell nearly 3% during the period, from about $85,600 on October 6 to $83,100 on October 13. The decline gave bearish traders opportunities to take profits, while the cryptocurrency's repeated price reversals increased the risk of holding leveraged positions.