Bitcoin Speculators Slightly Trimmed Their Bearish Bets This Week
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators lightened up on 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 -2,040 contracts in the data reported through Tuesday February 6th. This was a weekly increase of 99 contracts from the previous week which had a total of -2,139 net contracts.
Small traders, meanwhile, reduced their existing bullish positions by an offsetting -99 contracts this week to an overall current level at 2,040 net contracts.
Bitcoin Futures Sentiment
The Bitcoin futures data is now in its eighth week going back to the beginning of futures reporting on December 19th. The data includes trader classifications of only speculators and small traders and without inclusion of commercial traders (typically business hedgers or producers of a commodity).
Speculators have continued to be on the bearish side from the start while the small traders have been on the bullish side.
The open interest level, the number of open contracts at time of data reporting, has been very small to start but has increased in every week so far with the open interest this week surpassing 6,000 contracts for the first time.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $7,645.26 which was a shortfall of $-2,548.74 from the previous close of $10,194.0, according to unofficial market data.
Bitcoin Futures COT Data: Specs vs Smalls
The Bitcoin futures data is now in its eighth week going back to the beginning of futures reporting on December 19th. The data includes trader classifications of only speculators and small traders and without inclusion of commercial traders (typically business hedgers or producers of a commodity).
Speculators have continued to be on the bearish side from the start while the small traders have been on the bullish side.
The open interest level, the number of open contracts at time of data reporting, has been very small to start but has increased in every week so far with the open interest this week surpassing 6,000 contracts for the first time.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $7,645.26 which was a shortfall of $-2,548.74 from the previous close of $10,194.0, according to unofficial market data.