Nov 3, 2019
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Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300

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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.


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