Leveraged funds pulled back slightly on their directional short bet in Bitcoin futures last week. As of Tuesday, 2026-09-01, the cohort's net position stood at -7,620 contracts, a decline of 469 contracts from the prior week, according to the latest CFTC Commitment of Traders (COT) data for Bitcoin. Open interest across all traders fell by 2,519 contracts. This snapshot, sourced from the CFTC Traders in Financial Futures report, offers a weekly look into the opposing forces shaping the derivatives market. For a full view, the hub for all this data is XOOMAR's COT Positioning page.
XOOMAR Pulse Intelligence
CFTC Commitment of Traders (COT) Positioning
The Ledger This Week
The week-over-week move shows a modest de-escalation. The leveraged fund net short position was cut to -7,620 contracts, from -8,089 the week before. It's a position of less depth, but still firmly in negative territory. While these funds were dialing back their shorts, overall market participation shrank. Total open interest dropped from 22,216 to 19,697 contracts. This suggests some net unwinding of positions across the market. Simultaneously, the other major player group, asset managers, remained heavily net long. Their latest net position grew to +3,698 contracts, its highest level in the twelve-week window.
A Twelve-Week Stretch of Shorts
The latest print fits within a three-month trend where leveraged funds have consistently held a net short stance. A look at the last twelve CFTC reports, all dated Tuesday, shows the net position has been negative for every single one. In XOOMAR's reading, there are two distinct phases within this stretch. The first six weeks, from early June to late July, saw the net short gradually deepen from -5,995 contracts to a peak of -7,949 on 2026-07-21. The second phase, from early August onward, has been more volatile, featuring the most extreme positioning in the window.
The most aggressive short bet occurred just last week, on 2026-08-25, with a net of -8,089 contracts. This week's easing from that level is notable. The least short position in recent memory came at the start of this twelve-week period on 2026-06-09, at -5,995 contracts. The data shows leveraged funds have been willing to hold and at times aggressively add to their bearish exposure, even as other large traders take the opposite side.
| Report date | Open interest | Lev fund long | Lev fund short | Lev fund net | Asset manager net |
|---|---|---|---|---|---|
| 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 |
| 2026-08-25 | 22,216 | 3,181 | 11,270 | -8,089 contracts | +2,945 contracts |
| 2026-09-01 | 19,697 | 4,530 | 12,150 | -7,620 contracts | +3,698 contracts |
| CFTC Traders in Financial Futures. Leveraged-fund net is long minus short. |
The Two Sides of the Trade
The Bitcoin COT data reveals a straightforward narrative of opposing forces. On the latest report, leveraged funds held a net short of -7,620 contracts. Asset managers, on the other hand, held a net long of +3,698 contracts. This is a typical setup in these reports: one group of large traders is often taking the other side of the primary bet. It highlights a fundamental disagreement or differing strategy among institutional participants. While it’s tempting to view this as a simple directional standoff, the nature of the leveraged funds' short position is a known unknown, it could be a hedge for other exposures, not a purely bearish bet.
Ether's Separate Ledger
In related data, the CFTC also reports on cash-settled Ether futures. This is a separate contract with its own dynamics. As of the same Tuesday report date (2026-09-01), leveraged funds were net short -5,325 contracts in Ether, with total open interest at 24,619. The trend there in recent weeks has shown more pronounced swings. For instance, the net short position in Ether spiked to -8,385 contracts on 2026-08-25 before moderating. It’s crucial to treat this as related but distinct tape. One week's Bitcoin COT positioning does not cause the week's Ether positioning.
What the Net Figures Mean
The term 'net' in the CFTC reports is a simple calculation. For leveraged funds, it’s their total long contracts minus their total short contracts. A negative result means the group is net short. For asset managers, the same math applies, but a positive result means they are net long. These figures represent contract counts, not a dollar value or a number of coins. They reflect the aggregate positioning of traders categorized by the CFTC as of each Tuesday's close. The direction of change week-over-week can signal a shift in sentiment or strategy within these key cohorts.
Limits in the Tape
This COT analysis comes with clear boundaries. The stored data window covers the last twelve Bitcoin reports and some recent Ether reports. No price data for Bitcoin on these report dates is included here. It's also unknown if the leveraged funds' shorts are used as directional bets or as hedges for other, uncaptured positions. Forecasts for these weekly numbers are not stored, so comparisons to market expectations can't be made. The coverage is focused solely on these CFTC commodities within this timeframe.
Where to Find the Data
XOOMAR maintains this COT data as part of its markets coverage. The primary source is the U.S. Commodity Futures Trading Commission. For ongoing tracking, you can access the full hub at Bitcoin COT or explore the broader dataset via the COT API. The data updates weekly following the CFTC's release schedule.
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
Written by
XOOMAR Insights Team
Research and Editorial Desk
The XOOMAR Insights Team pairs automated research with human editorial judgment. We track hundreds of sources across technology, fintech, trading, SaaS, and cybersecurity, cross-check the facts, and explain what happened, why it matters, and what to watch next. We do not just rewrite headlines. Every article is fact-checked and scored for reliability before it goes live, and we link back to the original sources so you can verify anything yourself.
