Bitcoin Speculators Raised Their Bearish Net Positions For 2nd Week
Zachary Storella | Jun 10, 2018 02:32AM ET
Bitcoin Non-Commercial Speculator Positions:
Large 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 -1,926 contracts in the data reported through Tuesday June 5th. This was a weekly fall of -247 contracts from the previous week which had a total of -1,679 net contracts.
Speculative bearish positions rose for a second week and to the highest bearish level since February 6th when net positions totaled -2,040 contracts.
Small traders, meanwhile, increased their existing bullish positions higher this week by an equally offsetting +247 contracts to the current level of 1,926 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its twenty-fifth 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 continue to be on the bearish side as they have been since the start 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 $7587.25 which was an increase of $96.61 from the previous close of $7490.64, according to unofficial market data.
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