Bitcoin Speculators increased bearish net positions this week

February 3, 2018

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Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators raised 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 -2,139 contracts in the data reported through Tuesday January 30th. This was a weekly decline of -393 contracts from the previous week which had a total of -1,746 net contracts.

Small traders, meanwhile, increased their existing bullish positions by an offsetting 393 contracts this week to an overall current level at 2,139 net contracts.


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Bitcoin Futures COT Data: Specs vs Smalls

The Bitcoin futures data is now in its seventh week going back to the beginning of futures reporting on December 19th and only includes trader classifications of speculators and small traders and without any inclusion of commercial traders (typically business hedgers or producers of a commodity).

Speculators have been on the bearish side from the start while the small traders have been on the bullish side.

The open interest level, the number of open contracts at time of data, has been very small to start with the open interest only surpassing 5,000 contracts in each of the last two weeks but it has seen a rise in every week so far. 

Bitcoin per USD:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $10,194.0 which was a decrease of $-856.0 from the previous close of $11,050.0, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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