Bitcoin Speculators Trimmed Their Bearish Positions For 1st Time In 4 Weeks
Zachary Storella | Jun 24, 2018 02:40AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators decreased 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 -1,595 contracts in the data reported through Tuesday June 19th. This was a weekly lift of 350 contracts from the previous week which had a total of -1,945 net contracts.
Speculative bearish positions declined after three straight weeks of increases and brought the overall position to its least bearish level of the past twelve weeks.
Small traders, meanwhile, reduced their existing bullish positions this week by an equally offsetting -350 contracts to the current level of 1,595 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its twenty-seventh 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 since the start of the bitcoin data releases and remain bearish while the small traders have always been on the bullish side of this market so far.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $6720.43 which was an uptick of $171.64 from the previous close of $6548.79, according to unofficial market data.
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