Bitcoin Speculators Raised Their Bearish Net Positions This Week
Zachary Storella | Oct 07, 2018 03:45AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators increased 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 -1,297 contracts in the data reported through Tuesday October 2nd. This was a weekly lowering of -124 contracts from the previous week which had a total of -1,173 net contracts.
Speculative traders added to their bearish bets this week after shedding bearish bets last week to the lowest since the start of Bitcoin futures trading.
Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, increased their existing bullish positions this week by an equally offsetting 124 contracts to a current bullish level of 1,297 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its forty-second 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 remain on the bearish side as they have since the beginning of the bitcoin data releases 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 $6,510 which was an uptick of $155 from the previous close of $6,355, according to unofficial market data.
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