The Commitment of Traders report shows asset managers reduced their open long positions by 559 contracts last week. This marks the second consecutive week of declines, as long positions decreased by 132 in the prior report.
Leveraged funds, by contrast, increased their long positions by 1,367 contracts following a previous 1,694 contract increase. Leveraged funds now account for 30% of the open interest for long positions on the CME, and 51% of the open interest in short positions. For leveraged funds, increased long positions could be a byproduct of funds buying futures contracts which currently trade at a discount to spot prices. This condition, referred to as backwardation is generally a bearish sign for markets.
Bitcoin's percent supply in profit has been lower in the past however, falling to 43% in March 2020, and as low as 39% in 2015. Historically, declines in percent supply in profit have marked short-term price bottoms for bitcoin.
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