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Peter Davis

An writer at FOMOdrive

  • Oct 14, 2023
  • 3 min read

Bitcoin: crypto whales on the CME increased their net position from a two-month 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 increased their net position to purchase Bitcoin contracts by 0.10 thousand, bringing the total to 1.15 thousand. This follows a noticeable decrease in the last few weeks, and marks a growth from the minimum levels seen since August 15.

Operator hedgers have increased their net selling position on Bitcoin contracts by 0.19 thousand, bringing it up to 1.66 thousand. This follows a reduction in their net selling position for two of the last three weeks.

For the second week in a row, small speculators (NONREPORTABLE POSITIONS) have increased their net position to buy Bitcoin contracts, bringing it up to 0.51 thousand contracts from 0.42 thousand. This follows 8 weeks of reduction in the net position, which had reached its lowest levels since March 7.

The number of open contracts rose by 0.24 thousand, bringing the total to 14.68 thousand.

The ratio of the number of contracts to buy to the number of contracts to sell for the bullish index of large speculators rose by 0.01 to 1.11 over the week.

Data from the Bitcoin Commitment of Traders (COT) report indicates that large speculators have become more bullish on the cryptocurrency. After a noticeable decrease in the past few weeks, large funds have slightly increased their net position on BTC growth. This net position has been growing from its minimum levels over the past almost two months. If this trend continues, it could be a positive sign for the future of Bitcoin and other cryptocurrencies.

Hedgers who are looking to the future have also increased their net holdings in Bitcoin.

Small speculators have been increasing their net position on BTC growth from 7-month lows for the second week, which is relatively rare as it coincides with the mood of larger players.


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 a major 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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