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Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 2 min read

Bitcoin: Crypto whales on CME give chances for growth?

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

Non-commercial large speculators decreased their net selling position on Bitcoin contracts by 0.44k to 0.71k. This follows a significant increase in their net buying position the week before, and they have been reducing it for 6 out of the last 7 weeks.

Operator hedgers recently opened a net buy position on Bitcoin contracts, however, they have now cut it by 0.44k to 0.01k. This follows two weeks of net position in negative territory.

Small speculators (NONREPORTABLE POSITIONS) increased their net position to buy bitcoin contracts for the second week in a row, raising it from 0.69 thousand contracts to 0.70 thousand.

The open interest decreased by 1,310 contracts, bringing the total to 15,430.

The ratio of the number of sell contracts to the number of buy contracts for the bearish index of large speculators decreased by 0.03 over the week, bringing it to 1.06.

The COT data for Bitcoin has revealed a growing bullish sentiment among large speculators. Large funds have been actively reducing their selling and buying, resulting in a decrease in the net position of BTC. After a week-long break, the net position has started to decline again, which could potentially contribute to the growth of the cryptocurrency.

Hedgers with a long-term outlook have significantly decreased their net short position, bringing it close to zero. It is possible that they will open up a net short position again in the coming week.

Almost no small speculators altered their net position in regards to the growth of Bitcoin, with only a slight increase in both buying and selling.


COT report data is essential for medium and long-term trading, and is mainly used by large speculators, NON-COMMERCIAL (banks, investment funds). These traders usually follow the trend (blue line). Small speculators, NONREPORTABLE POSITIONS, however, have little impact on the market (red line). Hedgers, COMMERCIAL (operators, large companies) usually go against the trend (black line). The net position is the difference between the number of buy and sell contracts, while open interest is the total of all open positions in the market.

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