CFTC Report: Majors on CME are building up long positions in bitcoin futures

The open interest (OI) on bitcoin futures on the CME regulated exchange is gradually stabilizing afterprolonged fall. This is evidenced by the CFTC data.

The chart below shows that the downtrend started in late October and ended in early March.

Dynamics of open interest in bitcoin futures on CME. Data: CFTC.

Longs of hedge funds and other large players (Non-Commercial) are increasingly prevailing over shorts. Previously, this category was dominated by short positions.

Dynamics of long and short positions of hedge funds and other large players (Non-Commercial) on the CME. Data: CFTC.

For small players, shorts began to prevail over longs. Although Nonreportable are usually optimistic compared to other, larger market participants.

Nonreportable positions on CME. Data: CFTC.

Among the few institutionals, the number of short positions is growing.

Dynamics of positions of large institutional players (Commercial) on CME. Data: CFTC.

The total number of participants in bitcoin futures trading on CME is gradually increasing.

Bulls and bears among the big traders on the CME and the total number of players. Data: CFTC.

Against the backdrop of changes in the Bitcoin futures market, the fear index has been at extremely low levels since the beginning of May.

The RSI indicator on the weekly chart approached the deep oversold zone.

BTC/USDT Weekly Chart on Binance Exchange. Data: Trading View.

Based on the above factors, a recovery in the price of bitcoin is likely soon, or even a trend reversal.

Earlier, Glassnode analysts noted the continuing uncertainty in the cryptocurrency market.