BTC
$106,145.47
-
1.37%
ETH
$2,635.86
-
3.41%
USDT
$1.0001
-
0.02%
XRP
$2.2268
-
2.53%
BNB
$671.87
-
1.54%
SOL
$165.50
-
3.78%
USDC
$0.9997
-
0.00%
DOGE
$0.2091
-
6.73%
TRX
$0.2721
-
0.88%
ADA
$0.7110
-
5.33%
SUI
$3.5074
-
2.68%
HYPE
$32.21
-
3.81%
LINK
$14.72
-
6.94%
AVAX
$21.82
-
8.18%
XLM
$0.2740
-
3.56%
LEO
$9.1132
+
0.85%
TON
$3.2914
+
0.81%
BCH
$411.78
-
2.52%
SHIB
$0.0₄1357
-
5.95%
HBAR
$0.1781
-
4.24%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Asset Managers’ Bitcoin Exposure Rises, Reversing Recent Trend

Following three consecutive weeks of reducing long positions, asset managers add 975 long futures contracts, the Commitment of Traders report shows.

By Glenn Williams Jr.
Updated Mar 27, 2023, 7:41 p.m. Published Mar 27, 2023, 7:41 p.m.
(Pixabay)
(Pixabay)

Asset managers’ appetite for bitcoin (BTC) appears to have increased over the last week, a sign that larger investors continue to see value in the asset.

The most recent Commitment of Traders (COT) report shows that asset managers increased their open long positions by 975 contracts as of March 21. This marks a reversal from the prior three weeks, where asset managers reduced their longs by a total of 1,482 contracts.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

COT data is released weekly by the Commodity Futures Trading Commission (CFTC) and details the positions and open interest of traders of bitcoin futures contracts into “Dealer/Intermediary,” “Asset Manager/Institutional” and “Leveraged Funds” categories.

Asset managers now comprise 49.1% of open long positions on the Chicago Mercantile Exchange (CME), up from 44% the week prior. The increased bitcoin exposure has come after prices for the asset increased 15% from March 14-21, and indicates positive sentiment among institutional investors, although the CFTC's lawsuit on Monday against exchange giant Binance could change their perspective.

Still, asset managers with reportable positions are now 96.60% long bitcoin. This figure has risen to as high as 99% in prior COT reports.

It will be important to view subsequent reports to determine if the increased bullishness continues, or if asset managers reduce exposure.

Traders are likely to continue monitoring BTC reaction following the filing of the CFTC lawsuit against Binance and its CEO, Changpeng Zhao.

The suit alleges that the defendants knowingly disregarded provisions of the Commodity Exchange Act while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit. Binance is the world’s largest cryptocurrency exchange by volume.

The price of BTC fell as low as $26,670 following the announcement, before recovering a portion of the loss in the subsequent trading hour. Hourly trading volume spiked to more than 390% of its average as the asset immediately sold off.

BTC Hourly Chart 03/27/23 (TradingView)
BTC Hourly Chart 03/27/23 (TradingView)

Bitcoin as an asset is a separate entity from Binance as an exchange, but the CFTC’s announcement may have stoked liquidity concerns among current BTC holders, particularly if they trade via Binance.

While the CFTC action may be troublesome for Binance, larger investors may view bitcoin's decline as an opportunity to acquire the asset at a discount.

AnalysisBitcoinEtherMarketstradersTechnical AnalysisCFTCBinanceChangpeng "CZ" Zhao
Glenn Williams Jr.

Glenn C Williams Jr, CMT is a Crypto Markets Analyst with an initial background in traditional finance. His experience includes research and analysis of individual cryptocurrencies, defi protocols, and crypto-based funds. He has worked in conjunction with crypto trading desks both in the identification of opportunities, and evaluation of performance.

He previously spent 6 years publishing research on small cap oil and gas (Exploration and Production) stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Glenn also holds the Chartered Market Technician (CMT) designation along with the Series 3 (National Commodities Futures) license. He earned a Bachelor of Science from The Pennsylvania State University, along with an MBA in Finance from Temple University.

He owns BTC, ETH, UNI, DOT, MATIC, and AVAX

X icon
CoinDesk News Image
Latest Crypto News
Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

14 hours ago

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

14 hours ago

Breaking News

Breaking New test

18 hours ago

FastNews (CoinDesk)

Fast News test

18 hours ago

Article image

Ethereum Surges 4% on Massive Volume as Institutional Interest Grows.

May 27, 2025

Article image

test research article

May 22, 2025

Top Stories
President Donald Trump (TheDigitalArtist/Pixabay)

Bitcoin Poised to Top Record as Trump Inauguration Nears, Major Coins Due for 10% Swings: Traders

Jan 16, 2025

SHIB-USD 1-month chart shows 24.57% gain ending at $0.00004146 on May 15

Shiba Inu (SHIB) Price Drops 7% in 24 Hours but Remains Up 25% Over the Past Month

May 15, 2025

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Tax sign (The New York Public Library/Unsplash)

Crypto Capital Gains and Tax Rates 2022

Nov 14, 2022

Swap

Atomic Swaps: What Are They & How Do They Work?

Jan 11, 2024

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

14 hours ago

Only 1 article remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk