CME Group’s bitcoin futures are drawing in larger traders at an all time high clip

Quick TakeWe refreshed our data from the CFTC Commitment of Traders Report through Feb 4th 2020Notably, the total reportable traders (those that are trading +25BTC) hitting CME’s product on a weekly basis registered all time highs last month; while the concentration of total open interest among the top 4 largest long traders is now at all time lows (~20%, down more than 30% since May 2018)The COT data suggests the product is reaching new incremental larger traders, specifically on the long side (concentration among those short is still high at +50%