Sept. 15, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators cut back on 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 -1,239 contracts in the data reported through Tuesday September 11th. This was a weekly increase of 129 contracts from the previous week which had a total of -1,368 net contracts.
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The speculative bearish position for Bitcoin futures has now fallen for two straight weeks and for four out of the past five weeks. The current standing is now at the least bearish level for speculators since the beginning of Bitcoin futures trading.
Meanwhile, the small traders position, which is on the opposite side of this market, reduced their existing bullish positions this week by an equally offsetting -129 contracts to a current bullish level of 1,239 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its thirty-ninth week since the beginning of the cryptocurrency futures data releases on December 19th 2017. The data includes trader classifications of only speculators and small traders and without any commercial traders (typically business hedgers or producers of a commodity).
Speculators started off bearish and have remained on the bearish side of this market since the beginning of the bitcoin data releases while the small traders have continued to make up the bullish side of this cryptocurrency market.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $6,230 which was a shortfall of $-1,120 from the previous close of $7,350, 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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