Based on the provided data from the CFTC's COT report for Bitcoin futures on the Chicago Mercantile Exchange (CME) as of May 23, 2023, here is a detailed summary:
Bitcoin Futures:
Total open interest: 13,043 contracts
Non-commercial traders:
Long positions: 10,124 contracts
Short positions: 9,231 contracts
Spreading positions: 1,544 contracts
Commercial traders:
Long positions: 168 contracts
Short positions: 1,413 contracts
Net positions:
Non-commercial net long position: 893 contracts
Commercial net short position: 1,245 contracts
Changes in commitments from May 16, 2023:
Non-commercial traders:
Increase of 69 contracts in long positions
Increase of 187 contracts in short positions
Commercial traders:
Increase of 5 contracts in long positions
Decrease of 213 contracts in short positions
Micro Bitcoin Futures:
Total open interest: 10,042 contracts
Non-commercial traders:
Long positions: 6,399 contracts
Short positions: 7,955 contracts
Spreading positions: 885 contracts
Commercial traders:
Long positions: 160 contracts
Short positions: 0 contracts
Net positions:
Non-commercial net short position: 1,556 contracts
Commercial net long position: 160 contracts
Changes in commitments from May 16, 2023:
Non-commercial traders:
Commercial traders:
In terms of open interest distribution, for Bitcoin futures:
Non-commercial traders represent 90.7% of the total open interest, while commercial traders represent 9.3%.
The largest four or less traders hold 63.3% of the total open interest, while the largest eight or less traders hold 71% of the total open interest.
For Micro Bitcoin futures:
Non-commercial traders represent 74.1% of the total open interest, while commercial traders represent 25.9%.
The largest four or less traders hold 31.7% of the total open interest, while the largest eight or less traders hold 40.8% of the total open interest.
the commercial traders in Bitcoin futures on the Chicago Mercantile Exchange (CME) as of May 23, 2023, have a net short position of 1,245 contracts. Comparing this to the previous data, there has been an increase of 127 contracts in their net short position since May 16, 2023. This suggests that commercial traders have become slightly more bearish or less bullish in their outlook for Bitcoin futures.
On the other hand, the non-commercial speculators have a net long position of 893 contracts as of May 23, 2023. Comparing this to the previous data, there has been an increase of 69 contracts in their net long position since May 16, 2023. This indicates that non-commercial speculators have become slightly more bullish or less bearish in their outlook for Bitcoin futures.
Based on the provided data, we can analyze the open interest shifts from last week to determine the sentiment of the big traders (commercials) in the Bitcoin futures market. However, please note that the open interest shifts alone may not provide a conclusive indication of bullish or bearish sentiment, as they need to be considered in conjunction with other factors and market analysis.
In the case of Bitcoin futures, the net change in commitments from May 16th, 2023, to May 23rd, 2023, for commercials shows an increase of 69 contracts in long positions and a decrease of 187 contracts in short positions. This net change suggests a slight shift towards a more bullish sentiment among commercials.
It's important to remember that open interest shifts represent the changing positions of traders but do not provide information on the specific direction or magnitude of price movements. To gain a more comprehensive understanding of market sentiment, it's advisable to consider multiple factors such as technical analysis, market news, and broader market trends.
Note that the day the commercial decrease the net long on btc micro we had a flash crash follow below..
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Bitcoin Futures:
Total open interest: 13,043 contracts
Non-commercial traders:
Long positions: 10,124 contracts
Short positions: 9,231 contracts
Spreading positions: 1,544 contracts
Commercial traders:
Long positions: 168 contracts
Short positions: 1,413 contracts
Net positions:
Non-commercial net long position: 893 contracts
Commercial net short position: 1,245 contracts
Changes in commitments from May 16, 2023:
Non-commercial traders:
Increase of 69 contracts in long positions
Increase of 187 contracts in short positions
Commercial traders:
Increase of 5 contracts in long positions
Decrease of 213 contracts in short positions
Micro Bitcoin Futures:
Total open interest: 10,042 contracts
Non-commercial traders:
Long positions: 6,399 contracts
Short positions: 7,955 contracts
Spreading positions: 885 contracts
Commercial traders:
Long positions: 160 contracts
Short positions: 0 contracts
Net positions:
Non-commercial net short position: 1,556 contracts
Commercial net long position: 160 contracts
Changes in commitments from May 16, 2023:
Non-commercial traders:
- Increase of 76 contracts in long positions
- Increase of 155 contracts in short positions
- Decrease of 426 contracts in spreading positions
Commercial traders:
- Decrease of 77 contracts in long positions
- No change in short positions
In terms of open interest distribution, for Bitcoin futures:
Non-commercial traders represent 90.7% of the total open interest, while commercial traders represent 9.3%.
The largest four or less traders hold 63.3% of the total open interest, while the largest eight or less traders hold 71% of the total open interest.
For Micro Bitcoin futures:
Non-commercial traders represent 74.1% of the total open interest, while commercial traders represent 25.9%.
The largest four or less traders hold 31.7% of the total open interest, while the largest eight or less traders hold 40.8% of the total open interest.
the commercial traders in Bitcoin futures on the Chicago Mercantile Exchange (CME) as of May 23, 2023, have a net short position of 1,245 contracts. Comparing this to the previous data, there has been an increase of 127 contracts in their net short position since May 16, 2023. This suggests that commercial traders have become slightly more bearish or less bullish in their outlook for Bitcoin futures.
On the other hand, the non-commercial speculators have a net long position of 893 contracts as of May 23, 2023. Comparing this to the previous data, there has been an increase of 69 contracts in their net long position since May 16, 2023. This indicates that non-commercial speculators have become slightly more bullish or less bearish in their outlook for Bitcoin futures.
Based on the provided data, we can analyze the open interest shifts from last week to determine the sentiment of the big traders (commercials) in the Bitcoin futures market. However, please note that the open interest shifts alone may not provide a conclusive indication of bullish or bearish sentiment, as they need to be considered in conjunction with other factors and market analysis.
In the case of Bitcoin futures, the net change in commitments from May 16th, 2023, to May 23rd, 2023, for commercials shows an increase of 69 contracts in long positions and a decrease of 187 contracts in short positions. This net change suggests a slight shift towards a more bullish sentiment among commercials.
It's important to remember that open interest shifts represent the changing positions of traders but do not provide information on the specific direction or magnitude of price movements. To gain a more comprehensive understanding of market sentiment, it's advisable to consider multiple factors such as technical analysis, market news, and broader market trends.
Note that the day the commercial decrease the net long on btc micro we had a flash crash follow below..
Don't forget to like and share if you like what you are reading
DYOR