February 16, 2019 – By CountingPips.com – Receive our weekly COT Reports by Email
Large cryptocurrency speculators cut back on their bearish net positions in the Bitcoin futures markets in January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from later in January due to the government shutdown which suspended the releases. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,010 contracts in the data reported through Tuesday January 22nd. This was a weekly gain of 194 net contracts from the previous week which had a total of -1,204 net contracts.
This week’s net position was the result of the gross bullish position (longs) sliding by -291 contracts to a weekly total of 1,872 contracts which was overtaken by the gross bearish position (shorts) which saw a reduction by -485 contracts for the week to a total of 2,882 contracts.
The speculative bitcoin position improved for a second straight week and fell to the lowest bearish position in six weeks through January 22nd.
Over the same weekly reporting time-frame through January 22nd, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $3580 which was an uptick of $45 from the previous close of $3535, 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