October 27th 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators decreased 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 -1,058 contracts in the data reported through Tuesday October 23rd. This was a weekly gain of 273 contracts from the previous week which had a total of -1,331 net contracts.
The speculative bearish bets fell for a second week and for the third time in five weeks.
Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, reduced their existing bullish positions this week by an equally offsetting -273 contracts to a current bullish level of 1,058 net contracts.
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Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its forty-fifth 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 have been on the bearish side at the beginning of the bitcoin data releases and while the small traders have continued to be on the bullish side of this cryptocurrency market.
Bitcoin Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $6395 which was a decrease of $-25.0 from the previous close of $6420, 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
