Bitcoin price futures leveraged funds have trimmed short

Leveraged funds have trimmed short positions in bitcoin price futures by 5% according to COT data, a reversal from the aggressive shorting seen in early March. The sharp recovery marks a strong start to October, often dubbed “Uptober” by traders, after Bitcoin slipped to $107,800 in early September. For context, CME bitcoin futures trade 23 hours a day, from Sunday through Friday, whereas bitcoin spot markets trade 24/7. Gaps occur when there is a difference between the futures market closing price and the opening price for the next day due to the absence of trading activity during off-hours. CME bitcoin price futures clocked record volume this month, with open interest topping $1.7 billion. This activity is consistent with speculative positioning ahead of key macro announcements.