Large institutions hold net long BTC positions, data shows

Large institutions are holding net long positions in Bitcoin, according to data from the U.S. Commodity Futures Trading Commission's (CFTC) weekly Commitment of Traders (COT) report, Tom McClellan, editor of the McClellan Market Report, said on X. He explained that while commercial traders who produce, hold, or consume an actual commodity typically lead most futures markets, the Bitcoin market is driven by non-commercial traders such as hedge funds and asset managers. McClellan added that, unlike late last year, these non-commercial traders now hold substantial net long positions.