Bitcoin Speculators Edged Their Bearish Net Positions Lower This Week
Zachary Storella | Oct 21, 2018 02:30AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators trimmed 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 -1,331 contracts in the data reported through Tuesday October 16th. This was a weekly gain of 41 contracts from the previous week which had a total of -1,372 net contracts.
The speculative bearish bets fell this week following two weeks of rising bearish bets.
Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, cut back on their existing bullish positions this week by an equally offsetting -41 contracts to a current bullish level of 1,331 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its forty-fourth 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 have been on the bearish side at the beginning of the bitcoin data releases and 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 $6420 which was a fall of $-160 from the previous close of $6580, according to unofficial market data.
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