Correction on my earlier CME post: I mislabeled Total Reportables as Leveraged Funds. What the data actually shows (CFTC, as of Aug 4, futures-only): • Total Reportables (all large traders, mostly institutional) are modestly net long. So the directional takeaway holds, though the margin is thin. The correction is to the cohort label. This isn't specific to hedge funds and also includes asset managers, dealers, and other reportable traders. • Leveraged Funds are still net short on standard BTC futures, but their net short position has shrunk by about 50% in BTC terms over the past year as the basis trade lost its edge, with the basis falling below Treasury yields. They are net long on Micro BTC futures, but the position is not meaningful in size at just +394 BTC, roughly 1% of the standard futures net short. Leveraged Funds as a whole haven't flipped net long yet, but their structural short is clearly fading. This likely includes both carry-trade unwinds and shifts in directional positioning. Apologies for the confusion. Keeping the original post up with this correction for transparency.