Bitcoin Speculators Trimmed Their Bearish Net Positions This Week
Zachary Storella | Aug 19, 2018 01:55AM ET
Large cryptocurrency speculators reduced 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 -1,532 contracts in the data reported through Tuesday August 14th. This was a weekly lift of 79 contracts from the previous week which had a total of -1,611 net contracts.
Speculative bearish contracts have now fallen under the -1,600 net contracts for the first time in five weeks.
Small traders, meanwhile, trimmed their existing bullish positions lower this week by an equally offsetting -79 contracts to the current bullish level of 1,532 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its thirty-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 have been on the bearish side of this market 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 $6116.21 which was a loss of $-622.33 from the previous close of $6738.54, according to unofficial market data.
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