X @Michaël van de Poppe

A fascinating chart.Non-commercial traders, primarilly hedge funds and institutions, are currently at one of their most extreme net long positions in #Bitcoin in the entire dataset.The red line has plunged deeply negative, meaning the "net short position" is at historic lows, or flipped: these traders are maximally long Bitcoin futures.The past few times this has been happening, the markets have provided a substantial rally afterwards.The same positioning can be seen during:- Q3 2023, right before the big r ...