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Bitcoin Cryptocurrency Futures Trader Positions:
Large cryptocurrency speculators reduced 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 -1,746 contracts in the data reported through Tuesday January 23rd. This was a weekly increase of 480 contracts from the previous week which had a total of -2,226 net contracts.
Small traders, meanwhile, reduced their existing bullish positions by an offsetting -480 contracts this week to an overall current level at 1,746 net contracts.
Bitcoin Futures COT Data: Specs vs Smalls
Free Reports:
The Bitcoin futures data is now in its sixth week going back to 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).
As you can see from the above chart, speculators have been bearish from the get go 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 this week. For comparison, the open interest of the major currencies usually runs into the hundreds of thousands of contracts.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $11,050.0 which was a decline of $-12.00 from the previous close of $11,062.0, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email
