Bitcoin leveraged funds grew more bearish, expanding their net-short position by 387 contracts in the Tuesday, August 18 report. Open interest rose to 21,760 contracts as these traders increased their exposure ahead of the snapshot. The weekly update, sourced from the CFTC Traders in Financial Futures report, underscores a persistent divergence in positioning among market participants. This divergence frames the state of Bitcoin futures sentiment in the stored window. For historical data and real-time updates, see our main COT Positioning page and the Bitcoin COT section.
XOOMAR Pulse Intelligence
CFTC Commitment of Traders (COT) Positioning
The Latest Print
Two things happened in the August 18 report. Leveraged funds were net -7,439 contracts, which is 387 contracts deeper in short territory than the prior Tuesday. At the same time, the total open interest for Bitcoin futures ticked up by 575 contracts. That tells you new positions were being added, and the bears were adding more than the bulls. Leveraged funds entered 11,927 short contracts against 4,488 long ones, a ratio of nearly three to one. If you are looking for price direction clues, the big futures whales just leaned harder into their bet.
Asset manager positioning moved the other way. These players maintained their consistent net-long stance, reporting +2,732 contracts net long on the same Tuesday. They have sat across the table from leveraged funds for every stored week. That classic push-and-pull is intact.
A Net Short Stance Over 12 Weeks
It's worth zooming out. The current bearish tilt is not a fluke. In the last twelve reports, leveraged funds have been net short every single Tuesday. They got closest to flat on June 9, when their net position was -5,995 contracts. Their most aggressive net-short week came on May 26, when they were short a hefty -8,634 contracts. So while -7,439 is aggressive, it is not the most aggressive read in this window. It shows a baseline of skepticism among the big, leveraged players.
More money flows in when conviction is high. The open interest, a gauge of market depth and activity, has bounced around but generally trended up from its low around 18,800 contracts in early July. The latest total of 21,760 is the highest this stored data shows since May. People are paying to play.
Bitcoin COT, last 12 reports CFTC Traders in Financial Futures. Leveraged-fund net is long minus short.
| Report date | Open interest | Lev fund long | Lev fund short | Lev fund net | Asset manager net |
|---|---|---|---|---|---|
| 2026-05-26 | 21,625 | 4,666 | 13,300 | -8,634 contracts | +4,352 contracts |
| 2026-06-02 | 19,882 | 6,269 | 12,827 | -6,558 contracts | +3,103 contracts |
| 2026-06-09 | 19,776 | 6,153 | 12,148 | -5,995 contracts | +2,888 contracts |
| 2026-06-16 | 21,125 | 6,077 | 12,684 | -6,607 contracts | +2,507 contracts |
| 2026-06-23 | 20,554 | 4,925 | 11,055 | -6,130 contracts | +2,585 contracts |
| 2026-07-07 | 18,832 | 4,406 | 11,123 | -6,717 contracts | +2,385 contracts |
| 2026-07-14 | 19,385 | 4,015 | 11,506 | -7,491 contracts | +2,815 contracts |
| 2026-07-21 | 20,527 | 4,042 | 11,991 | -7,949 contracts | +2,727 contracts |
| 2026-07-28 | 20,019 | 3,295 | 10,168 | -6,873 contracts | +2,299 contracts |
| 2026-08-04 | 20,143 | 4,243 | 11,483 | -7,240 contracts | +2,542 contracts |
| 2026-08-11 | 21,185 | 4,997 | 12,049 | -7,052 contracts | +2,234 contracts |
| 2026-08-18 | 21,760 | 4,488 | 11,927 | -7,439 contracts | +2,732 contracts |
Managers on the Other Side
The latest Bitcoin COT data shows a clear split. Asset managers, a category that includes pensions and insurance funds, held a net-long position of +2,732 contracts on August 18. They have been net long for every stored report, acting as a constant counterweight to leveraged funds' skepticism. Their positioning tends to be less volatile, too. In this window, their net long ranged from a low of +2,234 contracts on August 11 to a high of +4,352 on May 26. They are not extreme bulls in this snapshot, just steady ones. While leveraged funds rush to sell, these managers quietly accumulate on the other side.
Activity in the Ether Market
There's a related story in cash-settled Ether futures. Leveraged funds there are also net short, but their positioning has eased recently. In the August 18 report, the Ether leveraged-fund net was -4,395 contracts. That's up from a more bearish -7,961 on July 14. So while Bitcoin leveraged funds grew more short, their Ether cousins have actually pared back their bearish bet over the last month. This is a separate market, however. The Ether positioning is not a consequence of the Bitcoin print. It's its own signal.
Ether cash-settled COT, recent reports Related CFTC tape. Not caused by the Bitcoin print.
| Report date | Open interest | Lev fund net |
|---|---|---|
| 2026-06-23 | 26,007 | -4,977 contracts |
| 2026-07-07 | 21,746 | -7,309 contracts |
| 2026-07-14 | 22,539 | -7,961 contracts |
| 2026-07-21 | 23,667 | -7,053 contracts |
| 2026-07-28 | 23,853 | -5,396 contracts |
| 2026-08-04 | 20,431 | -3,205 contracts |
| 2026-08-11 | 21,970 | -3,998 contracts |
| 2026-08-18 | 22,684 | -4,395 contracts |
Decoding the Trader Classifications
It helps to know who is who. The COT report splits traders into two main groups for crypto. 'Leveraged funds' typically includes commodity trading advisors (CTAs), hedge funds, and other large speculators who use leverage. 'Asset managers' are generally institutional investors like pension funds and endowments who manage money on behalf of clients.
The math is straightforward. A leveraged-fund net position is calculated by subtracting their reported short contracts from their long contracts. A negative result means they are net short. An asset-manager net is calculated the same way, and a positive result means they are net long. These figures are contract counts, not dollar values or coin amounts.
What the Data Doesn't Show
There are gaps. This COT window does not store the price of Bitcoin on each report date. So we can't directly link a price level to these positioning shifts. More importantly, the report doesn't tell us intent. A leveraged-fund short could be a standalone directional bet, or it could be a hedge against a complex options position or a long spot holding elsewhere. The data shows where they are, not why.
The window's coverage is limited to the last twelve Bitcoin reports and recent Ether cash-settled rows. Broader commodity comparisons aren't in scope here.
Next Report Awaited
The next CFTC Commitment of Traders report will be for the Tuesday following August 18. It hasn't been stored in this window yet, so we don't have it. Traders will watch to see if leveraged funds double down on their short or if asset managers finally decide to match their conviction. The tug-of-war continues, and the open interest suggests the rope is getting thicker. For programmatic access to this data, you can explore our COT API.
Primary Sources & Disclosures
Disclaimer: Content on XOOMAR is produced using AI-assisted research, drafting, and verification workflows and is intended for informational and educational purposes only. It does not constitute financial, investment, legal, tax, medical, or professional advice of any kind. All analysis reflects available information at the time of publication and may not be current. Verify information independently and consult qualified professionals before making decisions. Editorial policy
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Research and Editorial Desk
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