Despite the recent bitcoin price spike, big traders are bearish, according to a report from the Wall Street Journal.
The outlet reported data from the Commodity Futures Trading Commission showing managers holding 14% more short positions in CME bitcoin futures last week than long positions. Other firms, neither money managers nor small investors, also held three times as many short positions, according to the report.
Futures allow traders to bet on the rise and fall of an asset, so the increase of short positions indicates an overall bearish attitude by big players. However, bitcoin has risen above $11,000, indicating there is some optimism.
The CFTC report showed small investors held more long positions. The demographic of investors with fewer than 25 BTC contracts showed four times as many long positions. That report was released Friday, with data reflecting when bitcoin was hovering around $9,000.