Bitcoin futures were first included in the weekly COT Report in 2017, and were quiet early on. In most futures, the "commercial" traders are the smart money, but in Bitcoin few traders qualify as producing or using the subject commodity in their trade or business.
So the large speculators in the non-commercial category take over the role as the smart money. These traders are net long now in a huge way. You can see in the chart what prior big net long positions have meant afterward for prices.
The red line on the chart shows the net short position of non-commercial traders (large speculators) in CME Bitcoin futures, drawn directly from the CFTC’s weekly Commitments of Traders report. It is calculated by taking the total number of short contracts held by those non-commercial traders and subtracting the total number of long contracts they hold. The resulting figure is positive when the group is net short and negative when it is net long—the deep negative readings visible on the chart therefore indicate an unusually large net-long stance. Spreading positions are reported separately in the COT data and are excluded from this net calculation. The underlying numbers reflect open interest as of each Tuesday and are released by the CFTC the following Friday.