Hedge Funds Are Seemingly Working Against Bitcoin – Live Bitcoin News
Bitcoin has been booming as of late. Since last October, the world’s number one digital currency by market cap has been surging like no other asset on planet Earth. This has been both a good and a bad thing in the sense that it has allowed a lot of crypto holders to get rich and expand their portfolios.
Bitcoin May Have Some Opposition from Hedge Funds
However, it’s also had a negative side in that several hedge funds are now attempting to short the currency and bet against it. After all, when something goes super high really fast the way bitcoin did, it’s hard to assume that this will continue for an extended period. As the saying goes, “What goes up must come down,” and according to these hedge funds, bitcoin is no exception.
According to data from crypto analysis company The Block, hedge funds have significantly increased their BTC short positions. These positions are now the biggest they have ever been, and the bitcoin futures arena is growing like it never has before. While these funds are working against the cryptocurrency, many retail players and standard traders have also used this opportunity to get into the market, which has managed to stabilize bitcoin activity as of late.
Frederique Carrier – head of investment strategy at RBC Wealth Management – explained in a recent interview that he believes the spread of COVID-19 may have something to do with this. That many people are