CryptoQuant Founder Corrects Earlier CME Data Interpretation: Large Institutions Overall Remain Marginally Net Long on BTC Futures

CryptoQuant founder Ki Young Ju has acknowledged errors in his earlier analysis of CME Bitcoin (BTC) futures data, correcting that he had mislabeled "Total Reportables" as "Leveraged Funds". Per Commodity Futures Trading Commission (CFTC) futures data as of August 4, Total Reportables on CME—all large reportable traders, primarily institutional investors—are currently in a slight net long position. This means his prior assessment that institutions are leaning bullish remains valid, though their long position advantage is limited. The Total Reportables group encompasses not only hedge funds but also asset management firms, dealers, and other traders required to file reports. Ju added that Leveraged Funds still maintain a net short position in standard BTC futures, but their net short position has shrunk by approximately 50% in BTC terms over the past year. As the profitability of basis trading weakens, basis yields have fallen below U.S. Treasury yields, prompting some structural short positions to reduce. Separately, Leveraged Funds hold a small net long position in Micro BTC futures, totaling around 394 BTC—roughly 1% of their net short position in standard BTC futures. Ju noted that Leveraged Funds as a whole have not yet turned net long, but their long-standing structural short positions are clearly easing, a shift that may reflect both basis trading liquidations and adjustments to directional positions.