Opinion: US stock short positions hit a record high; Bitcoin may be facing a "decoupling moment".

According to ME News, a report by XWIN Research on May 26 (UTC+8) indicates that short positions in the US stock market have recently reached a historical peak, but the overall market is not entirely bearish. Data shows that hedge fund leverage has risen to approximately 293%, and both short positions in the S&P 500 and the Days-to-Cover index have reached new highs. While institutional investors maintain large long positions, increased hedging strategies have resulted in a market structure exhibiting high leverage and an expansion of both long and short positions. Simultaneously, funds are concentrated in large-cap AI-related stocks, keeping the index strong but masking internal market vulnerabilities. This situation could lead to greater volatility when the AI hype cools down. Furthermore, this change also has a significant impact on Bitcoin (BTC). Historically, BTC has often moved in tandem with US stocks, but since 2025, the two have diverged, with BTC volatility increasing, and the market anticipating a shift towards a hybrid asset type combining macro liquidity and an independent market structure. (Source: ME)