Ki Young Ju said an earlier interpretation of Chicago Mercantile Exchange Bitcoin futures positioning had mistakenly labeled the CFTC's "Total Reportables" category as "Leveraged Funds," leading to the incorrect conclusion that hedge-fund-style traders had flipped net long. The corrected reading shows large reportable institutional traders, a group that includes asset managers, market makers and dealers, were slightly net long in data through Aug. 4, while leveraged funds remained net short in standard BTC futures. He said that structural short has shrunk by about 50% over the past year in BTC terms as basis-trade returns fell below U.S. Treasury yields, reducing arbitrage incentives. Leveraged funds were also net long Micro BTC futures by about 394 BTC, but that was only around 1% of their standard BTC futures net short, so the data did not support the view that they had broadly turned net long.