CME leveraged funds turn net long bitcoin as basis trade fades

Leveraged funds in CME bitcoin futures have moved to a net long position, reversing a structural short stance that had persisted through much of the market's institutional era. The short leg had largely reflected the basis trade, in which funds sell futures against long spot or ETF exposure to capture the premium. With futures yields compressing, that carry has become less attractive, removing the mechanical reason for the short position rather than necessarily signalling a directional view. The shift changes how CME positioning data should be read as a sentiment indicator.