Bitcoin Speculator Bearish Net Positions Virtually Unchanged This Week
Zachary Storella | Aug 12, 2018 02:15AM ET
{{1055949|Bitcoin Futures} }Non-Commercial Speculator Positions:
Large cryptocurrency speculators very slightly edged their bearish net positions higher in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,611 contracts in the data reported through Tuesday August 7th. This was a weekly decrease of -8 contracts from the previous week which had a total of -1,603 net contracts.
Speculative bearish contracts have now risen for three out of the past four weeks. The overall bearish position remains above -1,600 net contracts for a fourth consecutive week.
Small traders, meanwhile, edged their existing bullish positions higher this week by an equally offsetting 8 contracts to the current bullish level of 1,611 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its thirty-fourth week since the beginning of the cryptocurrency futures data releases on December 19th. The data includes trader classifications of only speculators and small traders and without commercial traders (typically business hedgers or producers of a commodity).
Speculators have continued to be on the bearish side of this market since the start of the bitcoin data releases while the small traders remain on the bullish side of this market.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $6738.54 which was a drop of $-971.56 from the previous close of $7710.1, according to unofficial market data.
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