Bitcoin's April rally excludes one telling group of investors – the smart money. The Commitment of Traders report on bitcoin futures shows institutional investors (aka 'the smart money') are still heavily short. That, plus a lot of technical resistance ahead, mean the rally may be ending.
data that shows Bitcoin's relatively search popularity reaching a 2019 high this week. Any rally of 20% in anything is reason to take notice. But there's a big red flag out today from one regulator that shows the smart money still expect Bitcoin to drop.
The Commodity Futures Trading Commission released its weekly Commitment of Traders report this afternoon which shows large professional traders are betting big the Bitcoin is going to lose value. The CFTC regulates futures trading, everything from oil to bacon That includes financial futures like the Bitcoin-USD value.
The COT says that while small speculators increased their long positions 18% and shrunk their short positions 27% compared to last week, large traders - hedge funds and other large speculators – raised their short bets almost 45% . Large trader long positions in Bitcoin were trimmed back by 24%. Taken altogether, it's a sizable bearish step this week.
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