Bitcoin Speculators Increased Bearish Net Positions For 2nd Week
Zachary Storella | May 20, 2018 02:49AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators raised 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 -1,874 contracts in the data reported through Tuesday May 15th. This was a weekly decrease of -239 contracts from the previous week which had a total of -1,635 net contracts.
Speculative positions are now at the most bearish level over the last four weeks.
Small traders, meanwhile, raised their existing bullish positions this week by an equally offsetting 239 contracts to the current level of 1,874 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its twenty-second week since the beginning 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 bearish side since the beginning of the bitcoin data releases while the small traders remain 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 $8496.18 which was a fall of $-686.56 from the previous close of $9182.74, according to unofficial market data.
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