- Bear in mind the Bitcoin halving was on 11th May.
- Asset managers trimmed 34 long contracts while adding 113 shorts.
- Leveraged funds added 2208 shorts and 1611 longs.
It has to be said the halving was a bit of a non-event and the CoT report data reflected this in dramatic style. Over the last week, the number of short positions added by the two major camps far outweigh the longs. Asset managers are now holing 282 longs vs 113 shorts but chopped 34 longs and added 113 shorts.
The leveraged funds hold 6477 shorts vs 4923 longs. The net change is an interesting factor with 2208 short positions added vs 1611 longs. This means on both major camps moved heavily over to the short side. The price action over the week has reflected this data as the price of BTC futures sunk post the halving date on Monday. Even today the price of BTC futures fell 3.34% with the BTC/USD spot price trading 6.40% in the red.
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