Chart of the Week - Bitcoin

New All-Time High

At this point, I’m not sure what it will take to see Large Speculators get long Bitcoin. Over the past two years, Bitcoin rallied and made new all-time highs after Large Speculators established a strong net-short position in Bitcoin futures. Very ironic since I have heard it many times that positioning and COT data does not represent the entire market and has no value in Crypto.

This time it is no different. Fading Large Specs has been the play in BTC and something to watch for, especially to identify when the reward/risk dynamic changes, and Large Speculators start to cover their shorts.

The chart above highlights the three times in the past 18+ months where a new all-time high was made while Large Specs were net-short. If you want to learn more about how to read these charts, our free educational playlist on YouTube is a great start.

If you are interested in gaining access to the indicators shown on the chart, you can learn more at www.crowdedmarketreport.com

Thanks for reading and support!