Bitcoin Speculators Trimmed Their Bearish Bets
Zachary Storella | Feb 17, 2019 02:23AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators cut back on their bearish net positions in the Bitcoin futures markets in January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from later in January due to the government shutdown which suspended the releases. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,010 contracts in the data reported through Tuesday, January 22nd. This was a weekly gain of 194 net contracts from the previous week which had a total of -1,204 net contracts.
This week’s net position was the result of the gross bullish position (longs) sliding by -291 contracts to a weekly total of 1,872 contracts which was overtaken by the gross bearish position (shorts) which saw a reduction by -485 contracts for the week to a total of 2,882 contracts.
The speculative bitcoin position improved for a second straight week and fell to the lowest bearish position in six weeks through January 22nd.
Bitcoin Futures:
Over the same weekly reporting time-frame through January 22nd, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $3580 which was an uptick of $45 from the previous close of $3535, according to unofficial market data.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.