RATE Group | Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300
67448
post-template-default,single,single-post,postid-67448,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300

03 Nov Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300

Posted at 21:39h in Bitcoin News by

[ad_1]

As Bitcoin (BTC) has entered a launchpad-like state, finding itself in a lull as sentiment is beginning to trend positive again, institutions have started to accrue long positions of the cryptocurrency. This may imply that the crypto market is about to see its next leg higher.

Related Reading: Crypto Tidbits: Bitcoin Stuck In $9,000s, Starbucks Cryptocurrency Payments, Canada’s BTC Fund

CME Institutional Users go Long

According to a recent analysis by cryptocurrency analytics firm Skew Markets, institutional longs on the Chicago Mercantile Exchange’s Bitcoin futures market has hit a one-month high, reaching around 1,300 BTC worth of contracts. This is up by over five times from the bottom near 250 BTC seen in late-September.

Skew added that institutions are now net long 880 BTC contracts, compared to 660 BTC the previous week, as short positions have fallen because institutions are likely expecting a breakout in the upward direction.

[ad_2]

Source link

Tags:
, , , , , , ,