Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Speculators Trimmed Their Cryptocurrency Bearish Bets For 3rd Week

Published 12/16/2018, 01:03 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Net Commercial Positions

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators continued to trim 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 -913 contracts in the data reported through Tuesday December 11th. This was a weekly change of 63 net contracts from the previous week which had a total of -976 net contracts.

This week’s net position was the result of the gross bullish position increasing by 329 contracts to a weekly total of 2,227 contracts that more than offset the gross bearish position which saw a gain by 266 contracts for the week to a total of 3,140 contracts.

The speculative bearish position fell for the third straight week and remains at the lowest bearish level since Bitcoin futures trading began in December of 2017.

Small Traders Positions:

Bitcoin Small Traders Net Poditions

The small traders reduced their existing bullish bets by 35 contracts this week to a total of 1,177 net contracts from the previous week which had a total of 1,212 net contracts.

The small trader position has been on a small and steady decline after ascending to bullish levels of +2,000 contracts earlier in the year.

Bitcoin Commercial Positions:

Bitcoin Net Commercial Positions

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -264 contracts on the week. This was a weekly change of -28 contracts from the total net of -236 contracts reported the previous week.

The commercials position just started being recorded in the data as of November 27th and has been negative in all three weeks thus far. Previously, the data consisted of just the speculators and the small trader positions.

Bitcoin Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $3320 which was a fall of $-520 from the previous close of $3840, according to unofficial market data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.