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Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators slightly 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 -1,721 contracts in the data reported through Tuesday April 10th. This was a weekly rise of 65 contracts from the previous week which had a total of -1,786 net contracts.
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Small traders, meanwhile, trimmed their existing bullish positions by an equally offsetting -65 contracts this week to a current level of 1,721 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is now in its seventeenth week since the start of the cryptocurrency futures data 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 from the beginning of the cryptocurrency data releases while the small traders have remained 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 $6854.01 which was a loss of $-575.41 from the previous close of $7429.42, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email