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 -1,659 contracts in the data reported through Tuesday May 22nd. This was a weekly increase of 215 contracts from the previous week which had a total of -1,874 net contracts.
Speculative bearish positions had increased for the previous two weeks before this week’s edge down lower.
Small traders, meanwhile, trimmed their existing bullish positions this week by an equally offsetting -215 contracts to the current level of 1,659 net contracts.
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Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its twenty-third week since the beginning of the cryptocurrency futures data releases 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 bearish side since the beginning of the bitcoin data releases while the small traders continue to be 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 $8071.03 which was a drop of $-425.15 from the previous close of $8496.18, 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
