‘100% track record of coming back’: IBIT short interest sinks toward April lows as bitcoin bears unwind positions
Short interest in BlackRock's IBIT bitcoin ETF has dropped significantly as bearish traders unwind their positions.Summary
Short interest in BlackRock's spot bitcoin ETF (IBIT) has plummeted to levels last seen in April, according to Bloomberg Intelligence analyst Eric Balchunas, indicating that bearish traders are covering their positions during the recent market sell-off. Balchunas noted this pattern reflects traders shorting into strength and covering during downturns. Despite recent market volatility and significant outflows from crypto ETPs, including $1.2 billion from U.S. spot bitcoin ETFs last week, Balchunas expressed confidence in Bitcoin's resilience, highlighting its "100% track record of coming back" from downturns to hit new highs. This dynamic mirrors the spring correction when Bitcoin plunged before rebounding strongly, and analysts suggest long-term holders continue to accumulate.
(Source：The Block)