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For the first time in roughly half a decade, institutional accounts at the largest regulated U.S. derivatives exchange are holding more bullish Bitcoin contracts than bearish ones. The old playbook was simple: buy the underlying asset, sell the paper equivalent, and pocket the spread. It was a low-risk, market-neutral game that kept these desks structurally pessimistic on paper. But that spread has collapsed to around 3% — now below what two-year government bonds pay. With the arbitrage yield gone, the easy trade is dead. Instead of closing up shop, these same players are doing something rare: expressing outright optimism. The founder of a leading blockchain intelligence firm flagged the shift, calling it an unusual regime change where traditional finance desks are finally betting on rising prices rather than just harvesting spreads. The timing aligns with price action. The asset has already rebounded from roughly 58,000 to above65,000. One data point doesn't make a trend. If this positioning persists through upcoming reporting cycles, it signals genuine conviction from the institutional side — not just a temporary blip. #CPIToResetFedBets #AIMemorySelloffEases #BTCETHETFInflowsReturn $BTC $ETH