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%
