Wall Street’s Bitcoin bears quietly retreated despite recent plunge toward $80,000

Hedge funds cut their net bearish Bitcoin futures bets nearly 15% even as the cryptocurrency tumbled toward $80,000. Data from the Commodity Futures Trading Commission (CFTC) showed leveraged funds held a net short position equivalent to 30,611 BTC as of Oct. 13, down from 35,903 BTC a week earlier. The 5,292 BTC reduction came as Bitcoin fell nearly 3% during the reporting period, from about $85,600 on Oct. 6 to $83,100 on Oct. 13. The cryptocurrency briefly slipped below $81,000 as rising Treasury yields, weakening institutional demand , and a global technology stock selloff weighed on risk appetite. The decline gave bearish traders opportunities to take profits, while repeated price reversals increased the risk of holding leveraged positions.

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