Wall Street is betting long more than at any time since bitcoin futures began back in 2018.
That’s according to the latest data by the Commodities Futures Trading Commission (CFTC) released this Friday.
Each contract is the equivalent of 5 bitcoin. Thus 4030 bitcoins are net long, or $120 million is betting bitcoin will rise more than fall.
That comes after a brief plunge to $25,000 on high volumes with it bouncing to almost $30,000 where bitcoin has stayed for now some time.
This mini-sideways is amidst an eight weeks of red, with bitcoin so seemingly finding a floor of sorts at least for now as the dollar strength index drops more than at anytime since it began its bull run last year.
Long bets on the dollar have also decreased to $19.75 billion in the week ended May 17, from $19.82 billion the previous week.
An expected rate rise in Europe this July has contributed to that fall, but gas is up some more to $9.30, rising another 5% today to the highest level since before the crash in 2008.
Markets now seem adjusted to it however with Nasdaq a bit green today as Europe moves towards helicopter money with households to receive between €200 and €800 to offset the cost of rising gas prices.
That should act as a stimulus of sorts, with some of those cheques perhaps finding their way towards bitcoin and maybe stocks.
Thus smart money, both in Wall Street and on Bitfinex where longs have doubled, is betting up.