CFTC: Institutionalists increased longs for BTC by 88%

Blockchain technology has earned its proof of being very successful innovative technology and keeps getting new application each day. Cryptocurrency market, despite long beartrend, kept growing and developing.
Of course, companies are aware of this situation, however, so far we have not seen open large institutional investments. There are many differentreasons for that the main ones are regulatory norms and high volatility of digital assets.
However, it seems that in recent weeks, companies have changed their view for crypto, opening long positions in BTC, seeing a steady growth in the market.
According to the information provided by CFTC, at the beginning of April, 315 long-term futures contracts were opened at CME. Which is an increase of more than 88% over the past week.
At the same time, short-term positions were reduced from 241 to 89 contracts, which means a decrease of more than 63% in one week.
These numbers indicate a likely change in trend, at least in the short term. Of course, it is necessary to compare more data in order to reveal how optimistic institutional investors look to the long-term perspective, but an increase in the trend by 88% is still more than a simple correction.
Attracting institutional investors can play a crucial role in the future of crypto. Huge money reserves these players manage cause markets to respond to institutional activity.
Institutionals influence could be very important so that many analysts believe them entering market will be a huge impulse for starting next bullrun.
Mike Novograc, one of the prominent influencers is also convinced that large companies will contribute to the formation of the bullish trend, which BTC needed for a long time.

“I don’t think that by the end of the year we will overcome the $10,000 mark, but if institutionalists start coming to Q2, we will definitely see new highs.”