Bitcoin Speculators Reduced Their Bearish Net Positions For 2nd Week
Zachary Storella | Feb 18, 2018 04:42AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators cut back on their bearish net positions in the Bitcoin futures markets for a second straight week 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 -1,875 contracts in the data reported through Tuesday February 13th. This was a weekly rise of 165 contracts from the previous week which had a total of -2,040 net contracts.
Small traders, meanwhile, decreased their existing bullish positions for a second week by an offsetting -165 contracts this week to an overall current level at 1,875 net contracts.
Bitcoin Futures COT Data: Specs vs Smalls
The Bitcoin futures data is now in its ninth week going back to the start of its futures reporting on December 19th. The data includes trader classifications of only speculators and small traders and without inclusion of commercial traders (typically business hedgers or producers of a commodity).
Speculators have continued to be on the bearish side from the start while the small traders have been on the bullish side.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $8539.71 which was a gain of $894.45 from the previous close of $7645.26, according to unofficial market data.
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