Bitcoin: crypto-whales on CME are buying up BTC on correction

The Commodity Futures Trading Commission (CFTC) COT (Commitments of Traders) reports for the week ending on Tuesday last week showed:

Non-commercial large speculators increased their net buying position on bitcoin contracts by 0.26k to 0.42k for the second consecutive week, the highest since the start of January.

Hedgers (COMMERCIAL) have been increasing their net sell position on bitcoin contracts for the fourth consecutive week, bringing it up to 1.13k contracts - a 0.31k increase from the previous week. This is the highest net position since September 27 of last year.

Small speculators (NONREPORTABLE POSITIONS) increased their net buying position of Bitcoin contracts for the second week in a row, raising it from 0.65 thousand contracts to 0.71 thousand.

The open interest rose by 0.58 thousand contracts, bringing the total to 13.10 thousand.

The ratio of the number of buy contracts to the number of sell contracts for the bullish index of large speculators increased by 0.02 to 1.04 over the week.

The data from the Bitcoin Commitment of Traders (COT) report shows that large speculators have become more bullish. Over the past week, large funds have increased their net position on the growth of BTC, taking advantage of the recent dip in the asset's price. This has resulted in the highest net position for the growth of BTC since the start of the year. After the monthly expiration of futures, large speculators increased their purchases by 3.5%. If this trend continues, it could lead to an increase in the value of the cryptocurrency.

Hedgers who are in it for the long haul have been steadily increasing their net Bitcoin holdings for the past month, reaching the highest levels in the last 7 months.

For the second week in a row, small investors have been steadily increasing their holdings of Bitcoin, mirroring the sentiment of larger investors.