By CountingPips.com – Receive our weekly COT Reports by Email
Bitcoin Non-Commercial Speculator 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 -1,370 contracts in the data reported through Tuesday March 20th. This was a weekly increase of 346 contracts from the previous week which had a total of -1,716 net contracts.
Speculative bitcoin positions are now at their least bearish position (by 1 contract) since the data started publishing on December 19th.
Small traders, meanwhile, decreased their existing bullish positions by an equally offsetting -346 contracts this week to a current level of 1,370 net contracts.
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Bitcoin Futures COT Data: Specs vs Smalls
The Bitcoin futures data is now in its fourteenth week going back to the start of futures reporting 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 remained on the bearish side from the start 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 $8952.55 which was a loss of $-204.96 from the previous close of $9157.51, 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
