Wall Street’s Bitcoin bears quietly retreated despite recent plunge toward $80,000

Hedge funds cut their net bearish Bitcoin futures bets nearly 15% even as the cryptocurrency tumbled toward $80,000.Data from the Commodity Futures Trading Commission (CFTC) showed leveraged funds held a net short position equivalent to 30,611 BTC as of Oct. 13, down from 35,903 BTC a week earlier.The 5,292 BTC reduction came as Bitcoin fell nearly 3% during the reporting period, from about $85,600 on Oct. 6 to $83,100 on Oct. 13. The cryptocurrency briefly slipped below $81,000 as rising Treasury yields, weakening institutional demand, and a global technology stock selloff weighed on risk appetite.The decline gave bearish traders opportunities to take profits, while repeated price reversals increased the risk of holding leveraged positions.CFTC figures showed that outright short positions declined by 6,437 BTC to 59,458 BTC, compared with a smaller reduction of 1,145 BTC in outright longs to 28,847 BTC.The faster decline in shorts narrowed the bearish imbalance, although leveraged funds maintained more than twice as much outright short exposure as long exposure.Bitcoin's decline exposes traders to mounting market pressureBitcoin's weakness accelerated on Oct. 7 as Treasury yields ...