An interesting chart.

Non-commercial traders, mainly hedge funds and institutions, are currently in one of the most extreme net long positions for #Bitcoin in the entire dataset.
The red line has dropped sharply into negative territory, meaning the "net short position" is at a historic low, or a reversal: these traders are buying the maximum Bitcoin futures contracts.
When this has happened before, the market experienced a significant rally afterward.
Similar positions can be seen in:
- Q3 2023, just before the strong rally of $BTC.
- April 2025, during that period's major market crash.
This does not mean we should go straight up, but it indicates how investors are positioning themselves before a move occurs.