The five categories in the report sum to zero, because every long is somebody’s short. That accounting identity is the most useful feature of the release: once you know where the demand is not, you know where it has been parked.
+3,726
Dealers, bitcoin
+4,573
Asset managers, bitcoin
−8,427
Leveraged funds, bitcoin
−308
Non-reportable
Source: CFTC Commitments of Traders, Traders in Financial Futures, futures only. Prices are Coinbase daily closes. Computed by Institutional Asset Journal.
Asset managers and dealers, CME bitcoin futures
Solid line: asset managers. Dashed: dealers. Net contracts, weekly.
Source: CFTC Commitments of Traders, Traders in Financial Futures, futures only. Prices are Coinbase daily closes. Computed by Institutional Asset Journal.
What the categories mean
The CFTC sorts every reportable participant into five groups. Asset Manager or Institutional covers pensions, endowments, insurers, mutual funds and the managers acting for them. Leveraged Funds covers hedge funds and commodity trading advisers. Dealer or Intermediary is the sell side. The assignment is made when a firm registers and is slow to change.
How this was measured
- Figures are taken from the CFTC’s Commitments of Traders release, Traders in Financial Futures, futures only. That report covers positions held at the close on a Tuesday and is published the following Friday at 15:30 Eastern, so every reading here is three days old on the day it appears. Net positions exclude spread holdings, which the CFTC reports separately. Notional values apply the CME contract multiplier and the Coinbase daily close on the report date. Restatements by the CFTC are carried through rather than footnoted.
