Well, Large Speculator Did it Again Trading Bitcoin

Well, Large Speculators did it again. They covered their longs, went net-short last week, and Bitcoin continued to rally now ~20% higher than the recent lows two weeks ago. That is when Large Specs first covered half their longs. It would be an impressive record if they continue to sell as Bitcoin makes news highs, which has happened a few times in the past few years and added great fuel to the rally.

Although not yet back tested, the number of times Large Specs were wrong when they were net-long Bitcoin the last few years is significant. Curious to see what they do this week, which we will find out about on Friday when the CFTC releases the new COT data and we get to look at the charts.