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Peter Davis

An writer at FOMOdrive

  • Nov 18, 2023
  • 3 min read

Bitcoin: Crypto whales on CME intensified their net position reduction

The Commodity Futures Trading Commission (CFTC) reported, for the week ending last Tuesday, that the Commitments of Traders (COT) reports showed.

For the second week in a row, large speculators (NON-COMMERCIAL) decreased their net position to sell Bitcoin contracts, reducing it from 1.67 thousand to 1.34 thousand. This follows a sharp two-week increase, and the net position has now dropped from its highest levels since July 11.

Hedgers (COMMERCIAL) decreased their net position of buying contracts for Bitcoin by 0.31 thousand, bringing it down to 0.48 thousand. This marks the second consecutive week that hedger operators have reduced their net position of buying contracts.

Small speculators (NONREPORTABLE POSITIONS) decreased their net position of buying Bitcoin contracts by 0.02 thousand contracts, bringing it down to 0.86 thousand. After increasing it for nearly 6 weeks, small players slightly decreased their net position. This decline began from the highest levels since July 18.

The open interest decreased from 21.75 thousand contracts to 21.20 thousand contracts, a decrease of 0.55 thousand.

The ratio of the number of contracts to sell to the number of contracts to buy for large speculators decreased by 0.02 over the week, bringing the bearish index to 1.08.

The Commitment of Traders (COT) data for Bitcoin (BTC) shows that large speculators have become increasingly bullish. Over the past week, large funds have significantly reduced their net position on the decline of BTC. This net position has continued to decrease from levels close to those seen in July, which was the highest in the past two years. If this trend continues, it could be a positive sign for the growth of the cryptocurrency.

Hedgers who are in it for the long haul also continued to reduce their large net position as Bitcoin's value decreased.

After more than a month of growth, small speculators have slightly decreased their net position on the rise of Bitcoin. Although bearish sentiment has started to increase among smaller traders, this group typically does not have a major effect on the market.


COT reporting data is essential for medium to long term trading. Large speculators, NON-COMMERCIAL (banks, investment funds) usually follow the trend (blue line). Small speculators, NONREPORTABLE POSITIONS, however, do not have much of an effect 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. Open interest is the total of all open positions in the market.

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