Bitcoin Speculators Edged Their Bearish Net Positions Lower This Week
Zachary Storella | Apr 15, 2018 02:24AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators slightly decreased 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 -1,721 contracts in the data reported through Tuesday April 10th. This was a weekly rise of 65 contracts from the previous week which had a total of -1,786 net contracts.
Small traders, meanwhile, trimmed their existing bullish positions by an equally offsetting -65 contracts this week to a current level of 1,721 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is now in its seventeenth week since the start of the cryptocurrency futures data 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 from the beginning of the cryptocurrency data releases while the small traders have remained 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 $6854.01 which was a loss of $-575.41 from the previous close of $7429.42, according to unofficial market data.
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