What is cot used for?

I'm curious, could you elaborate on the purpose and usage of the term "COT" in the context of cryptocurrency and finance? What specific scenarios does it apply to, and how does it help traders and investors make informed decisions? Additionally, is there a standard definition or interpretation of COT that is widely accepted within the industry? I'm eager to learn more about this term and how it fits into the broader landscape of digital assets and financial markets.