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Peter Davis

An writer at FOMOdrive

  • Oct 07, 2023
  • 3 min read

Bitcoin: crypto whales on the CME collapsed the net position to a month and a half bottom

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

Non-commercial large speculators have decreased their net position to purchase Bitcoin contracts by 0.74 thousand to 1.06 thousand. Over the past three weeks, these large speculative players have been decreasing their net position to buy contracts, with the current net position being the lowest since August 15.

Hedgers (COMMERCIAL) decreased their net position for the sale of Bitcoin contracts by 0.56 thousand, bringing it down to 1.48 thousand. Over the last three weeks, hedger operators have decreased their net position for sale two times.

Small speculators (NONREPORTABLE POSITIONS) increased their net position to purchase Bitcoin contracts by 0.18 thousand contracts, bringing the total to 0.42 thousand. After reducing their net position for 8 of the last 13 weeks, small players have now increased it again, beginning from its lowest levels since March 7.

The number of open contracts decreased by 0.40 thousand, bringing the total to 14.45 thousand.

The ratio of the number of contracts to buy to the number of contracts to sell for the bullish index of large speculators decreased by 0.10 over the week, bringing it to 1.10.

The Bitcoin COT data has revealed a significant rise in bearish sentiment among large speculators. Large funds have been actively selling and buying, resulting in a decrease in their net position on BTC growth. This has caused the net position to reach its lowest point in the past month and a half. If this trend continues, it could lead to a decrease in the value of the cryptocurrency.

Hedgers who are looking to the future have significantly decreased their net exposure to the appreciation of Bitcoin.

Net position on BTC growth among small speculators has risen from its 7-month low, leading to a surge in bullish sentiment. However, this group of traders typically does not have a major influence on the market.


COT reporting data is essential for medium to long term trading. Generally, large speculators, NON-COMMERCIAL (banks, investment funds) tend to follow the trend (blue line). On the other hand, small speculators, NONREPORTABLE POSITIONS, usually do not have much impact on the market (red line). Hedgers, COMMERCIAL (operators, large companies) usually trade 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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