PANews reported on February 23 that, according to the latest CFTC report, the net short position of CME non-commercial Bitcoin futures traders has decreased fromPANews reported on February 23 that, according to the latest CFTC report, the net short position of CME non-commercial Bitcoin futures traders has decreased from

CME "smart money" is cutting short positions; BTC holds above the 200-week EMA and could reach $85,000 before April.

2026/02/23 08:18
1 min read

PANews reported on February 23 that, according to the latest CFTC report, the net short position of CME non-commercial Bitcoin futures traders has decreased from approximately +1,000 contracts last month to approximately -1,600 contracts, indicating that "smart money," including hedge funds and similar financial institutions, is rapidly shifting towards a bullish stance. This change is similar to the market situation before Bitcoin prices rose by 190% and 70% in 2023 and 2025, respectively.

Currently, Bitcoin is holding above the 200-week EMA (approximately $68,350), a level that has served as a significant support during most of the bear markets over the past decade. Analysts predict that if Bitcoin successfully rebounds, it could reach the 100-week EMA (approximately $85,000) by April.

However, analyst Tom McClellan warned that the shift in "smart money" is a reflection of market conditions rather than a clear signal, and the price of Bitcoin could still fall further to the $40,000 to $50,000 range.

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