Leveraged funds cut Bitcoin CME shorts 82% as basis yield drops to 5%

Leveraged hedge funds cut Bitcoin CME futures shorts from $444 million in August to $78 million by mid‑January, an 82% drop. Basis trade yields fell from nearly 10% to 5%, while spot ETFs saw $1.33 billion in outflows this week and the 30‑day average turned negative. Macro focus shifts to the Fed's 28 January decision as FX risks have eased.