Sept. 29, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators trimmed 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 -1,173 contracts in the data reported through Tuesday September 25th. This was a weekly lift of 145 contracts from the previous week which had a total of -1,318 net contracts.
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The reduction in bearish bets puts the current speculator position at the lowest bearish level since Bitcoin futures started trading in December of 2017. Speculators have now cut back on their bearish positions for three out of the past four weeks and for five out of the past seven weeks.
Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, decreased their existing bullish positions this week by an equally offsetting -145 contracts to a current bullish level of 1,173 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its forty-first week since the start 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 on the bearish side and have continued to be that way since the beginning of the bitcoin data releases while the small traders have continued to remain on 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 $6,355 which was a gain of $80 from the previous close of $6,275, 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