Bitcoin Speculators Edged Bearish Bets Down This Week
Zachary Storella | Aug 05, 2018 01:55AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators decreased their net bearish positions 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 -1,603 contracts in the data reported through Tuesday July 31st. This was a weekly increase of 48 contracts from the previous week which had a total of -1,651 net contracts.
Speculative bearish contracts declined after two weeks of lower bearish bets. The overall bearish position remains above -1,600 net contracts for a third week.
Small traders, meanwhile, trimmed their existing bullish positions this week by an equally offsetting -48 contracts to the current bullish level of 1,651 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its thirty-third 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 been on the bearish side of this market since the start of the bitcoin data releases while the small traders have continued to total a net bullish position.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $7710.1 which was a loss of $-547.54 from the previous close of $8257.64, according to unofficial market data.
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