Bitcoin: new record on CME, but crypto whales are not buying

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 been steadily increasing their net position to purchase Bitcoin contracts for the past four weeks. This week, they increased their net position by 0.19 thousand, bringing it up to a record-breaking 2.23 thousand. This marks the second consecutive week that the net position has reached a new high in the history of CME futures trading.

Hedgers (COMMERCIAL) have increased their net position to sell Bitcoin contracts by 0.01 thousand to a record high of 2.54 thousand for the fourth consecutive week. This is the highest net position in the history of the contracts, which has been tracked for almost 6 years.

Small speculators have decreased their net position of buying Bitcoin contracts for the second consecutive week, and for 7 out of the last 11 weeks. This net position is now at 0.31 thousand contracts, which is the lowest it has been since March 7, and 0.18 thousand contracts lower than it was previously.

The number of open contracts rose by 0.46 thousand, bringing the total to 15.42 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 0.02 to 1.23 over the week.

Data from the Bitcoin Commitment of Traders (COT) report indicates that large speculators have become increasingly bullish. Following the monthly expiration of futures, large funds have been reducing their sales, resulting in a rise in the net position for BTC. This trend has now reached a new all-time high for the third time in the last four weeks. If this trend continues, it could be a positive sign for the future of the cryptocurrency. However, large speculators have not opened any new purchases for the past three weeks, instead only taking profits from their sales.

For the fourth consecutive time, longer-term hedgers have revised their net position on the growth of Bitcoin, though the rise in the net position was minimal.

Net position among small speculators on Bitcoin growth is decreasing, reaching its lowest point in six months. Although bearish sentiment is increasing among these traders, they typically do not have a major effect on the market.

BTC

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 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.