looking at everyones positioning of btc today

spot:

htf positions
- flows into etf (tradfi hedge against inflation)
- self custody

ltf positions
- arbitragers

for the next few hours, will look at ltf&mtf positioning over the past year

back to basics:

currently pricing of btc lead by futures
- that's what the system is supposed to do, make the market more efficient
- that's where price discovery & outlook on the future is reflected
- basically gambling where the price of spot will be
- only real utility is for miners to hedge their crop