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Tom McClellan, industry influencer, analyzes a shift in the Bitcoin futures market. He points out that, unlike in late 2025, non-commercial traders are now net long in significant fashion.
He also notes that for most futures markets, the so-called 'commercials' are typically considered the smart money. However, in Bitcoin futures, few traders qualify for this category, causing non-commercials to fill the role instead.
McClellan has previously linked a decline in the U.S. savings rate with bullish stock market performance. He has also prompted investors to look at how sharp drops in University of Michigan sentiment can influence stock price movements. His recent analysis of Bitcoin futures adds to his history of tracking notable shifts across markets.