Bitcoin futures positioning among non-commercial traders is swinging sharply toward net long exposure, a move technical analyst Tom McClellan (editor of The McClellan Market Report) says has arrived “with some urgency” in the latest weekly Commitment of Traders (COT) report and one that has coincided with notable market outcomes in prior, similarly extreme episodes. Sharing a chart of Bitcoin futures (price on a log scale) alongside non-commercial net positioning, McClellan argued that in Bitcoin’s case, large speculators effectively function as the “smart money” cohort, because the market lacks the typical commercial hedger presence seen in traditional commodity futures. “The non-commercial traders of Bitcoin futures are usually the smart money,” McClellan wrote. “This week’s COT Report shows that they are moving net long with some urgency