Bitcoin Institutional Market Hits Yearly Extreme as CME Longs Plummet

CryptoQuant analyst Crazzyblockk reports that Bitcoin's institutional market has reached a yearly extreme, with net long positions among asset managers falling to $800 million, their lowest level since the launch of spot Bitcoin ETFs. This is also the lowest reading in 124 weeks of CFTC data.

The COT index for asset managers has remained at zero for five consecutive weeks, and the institutional long-to-short ratio stands at 1.97 to 1, suggesting that confidence has narrowed to its weakest level since the Bitcoin ETF launch.

On the other hand, leveraged funds have seen their net short position improve from -$10 billion to -$1.95 billion, while gross shorts dropped by 67.5% from their all-time high of $10.88 billion to $3.53 billion.