US dollar net longs hit largest since November, bitcoin net longs surge – CFTC, Reuters data

US dollar net longs hit largest since November, bitcoin net longs surge – CFTC, Reuters data

Bitcoin futures, on the other hand, posted their largest net long position since the contract was launched in 2018.

For the week of May 10, net longs in bitcoin rose to 703 contracts, compared with net longs of 388 in the previous week, CFTC data showed.

The dollar has posted sharp gains so far this year, rising 9.3%, on track for its best yearly performance since 2014.

"Investors continue to add to their overall net long U.S. dollar exposure, with the aggregate U.S. dollar long reflected in exposures to the major currencies we monitor here rising....over the past week to...close to where U.S. dollar bullish sentiment resided in late 2021/early 2022," wrote Scotiabank in a report after the release of the CFTC data.

The U.S. currency benefited from safe-haven flows with the war in Ukraine as well as the Federal Reserve's aggressive action to tighten monetary policy to curb soaring inflation.

Data also showed a net long euro position of 16,529, in the latest week, up from net shorts of 6,378. Scotia said this was the biggest one-week positioning swing in favor of the euro since August of last year. "Rather than piling on the weak euro, speculators are bottom fishing," the Canadian bank said.

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