Bitcoin Speculators Edged Their Bearish Net Positions Higher For 2nd Week
Zachary Storella | Oct 14, 2018 01:50AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators added to their bearish net 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 -1,372 contracts in the data reported through Tuesday October 9th. This was a weekly lowering of -75 contracts from the previous week which had a total of -1,297 net contracts.
The speculative bearish bets increased for the second week in a row and for the third time out of the past four weeks.
Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, raised their existing bullish positions this week by an equally offsetting 75 contracts to a current bullish level of 1,372 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its forty-third week since the start of the cryptocurrency futures data releases on December 19th 2017. The data includes trader classifications of only speculators and small traders and without any commercial traders (typically business hedgers or producers of a commodity).
Speculators started off on the bearish side at the beginning of the bitcoin data releases and have remained there while the small traders have continued to be on the bullish side of this cryptocurrency market.
Bitcoin Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $6580 which was a boost of $70 from the previous close of $6510, according to unofficial market data.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.