Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators cut back 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 -1,266 contracts in the data reported through Tuesday August 21st. This was a weekly increase of 266 contracts from the previous week which had a total of -1,532 net contracts.
This week’s cut back in bearish bets by the speculators brings the overall net position standing to the least bearish level since the beginning of the Bitcoin data releases in late 2017. The previous lowest bearish position was the first data release when the net position totaled -1,371 contracts.
On the flip side, the small trader position decreased their existing bullish positions lower this week by an equally offsetting -266 contracts to the current bullish level of 1,266 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its thirty-sixth week since the beginning of the cryptocurrency futures data releases on December 19th 2017. 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 been on the bearish side of this market since the beginning of the bitcoin data releases while the small traders continue to remain 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 $6468.31 which was a rise of $352.1 from the previous close of $6116.21, according to unofficial market data.