Tom McClellan(@McClellanOsc):This chart appeared in my Daily Edition on Friday. In late July, the non-commercial traders of Bitcoin futures were at an all-time record net long position as a group. Unlike most futures, the "commercial" traders are not the smart money in Bitcoin, where few traders qualify. Instead, the non-commercials (think large hedge funds) are the smart money. As BTC prices rose in August, these traders pared their longs rapidly, which gave me some concern. But over the past 2 weeks they have been reestablishing a big net long position, ahead of the rally we are seeing today.

2026.09.21 16:45

This chart appeared in my Daily Edition on Friday. In late July, the non-commercial traders of Bitcoin futures were at an all-time record net long position as a group. Unlike most futures, the "commercial" traders are not the smart money in Bitcoin, where few traders qualify. Instead, the non-commercials (think large hedge funds) are the smart money. As BTC prices rose in August, these traders pared their longs rapidly, which gave me some concern. But over the past 2 weeks they have been reestablishing a big net long position, ahead of the rally we are seeing today.