Bitcoin futures on CME now show a rare retreat across both major institutional groups after months of crowded ETF-linked trades. According to CryptoQuant analyst Crazzyblockk, asset managers cut net long exposure to $800 million, the lowest post-ETF level this year. At the same time, leveraged funds reduced shorts, leaving Bitcoin price near $61,700 in a thinner positioning setup today overall.
Bitcoin futures long positions hit new low
Asset managers now hold only $800 million in net long Bitcoin futures positions on CME, according to Crazzyblockk today too. As per the analyst, that level marks the lowest reading across 124 weeks of CFTC data for CME traders weekly. It also represents the weakest asset-manager exposure since spot Bitcoin ETFs started trading in January 2024, after the regulatory approval period.
Source: Crazzyblockk
The analyst said the asset-manager COT index has stayed at zero for five straight weeks in the latest cycle now. However, the institutional long-to-short ratio still stands at 1.97 to 1 on Bitcoin futures books for current market exposure now. Therefore, the data shows weaker confidence, not full capitulation across Bitcoin futures accounts held by asset managers now today overall.
Source: Crazzyblockk
Crazzyblockk linked the decline to a broad pullback after the October 2025 Bitcoin peak and weaker institutional demand on CME. BTC has fallen 48.4% from its $121,420 record, while institutional appetite has narrowed sharply this month among large buyers. As a result, Bitcoin futures now show hesitation among regulated buyers that supported ETF-led demand and liquidity during that cycle.
BTC hedge funds cut short positions
Leveraged funds also sit near an extreme, yet their signal differs sharply from asset managers in the same market today. According to Crazzyblockk, their COT index reached 99.3, which many traders may misread during volatile markets for positioning across CME. He said the figure does not show fresh hedge fund shorts against Bitcoin futures this month during the latest period.
Instead, leveraged funds have reduced net shorts to a 52-week low on CME, according to Crazzyblockk in the latest report. Their net position improved from -$10 billion to -$1.95 billion during the recent shift across CME accounts during the week. Meanwhile, gross shorts dropped 67.5%, from $10.88 billion to $3.53 billion, according to the same data in the latest report.
Crazzyblockk said funds have unwound cash-and-carry trades tied to spot Bitcoin ETF activity since the ETF launch after ETF approval. Since the ETF launch, leveraged funds held net short Bitcoin futures positions every week across CME reports since the January launch. However, those trades mostly matched spot exposure and did not signal direct bearish pressure against Bitcoin during the reporting period.
CME data shows Bitcoin leverage erosion
Open interest has also fallen faster than Bitcoin, which shows clear leverage erosion across CME activity, while price also weakened. According to Crazzyblockk, open interest dropped 63.5%, from $18 billion to $6.6 billion in the latest CFTC-linked weekly futures data. The sharper decline supports his view that Bitcoin futures face reduced leverage, not heavy spot selling across the futures market.
Source: Crazzyblockk
Both institutional longs and hedge fund shorts have now contracted at the same time, as exposure declined on both sides. This double retreat has created what Crazzyblockk described as a “positioning vacuum” in Bitcoin futures, as the analyst noted now. He compared the setup with November 2022, when Bitcoin traded at $16,232 and later gained 30.3% after leverage cleared.
The technical picture shows early stabilization, but the broader trend remains mixed for Bitcoin during this move today. BTC trades near $61,700 and holds short-term support around $60,000 to $61,000 for BTC. Still, Bitcoin futures traders face resistance near $62,000, $63,500, and the stronger $66,000 area.
