Bitcoin Speculators Added To Their Bearish Net Positions For 2nd Week
Zachary Storella | Apr 08, 2018 02:25AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators raised their bearish net positions in the Bitcoin Futures markets this week for a second consecutive 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 -1,786 contracts in the data reported through Tuesday April 3rd. This was a weekly decline of -296 contracts from the previous week which had a total of -1,490 net contracts.
Small traders, meanwhile, increased their existing bullish positions by an equally offsetting 296 contracts this week to a current level of 1,786 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is now in its sixteenth week since the start of futures reporting 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 remained on the bearish side from the beginning of the cryptocurrency data releases while the small traders have continued to be on the bullish side of this market right out of the gate.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $7429.42 which was a drop of $-570.58 from the previous close of $8000.0, according to unofficial market data.
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