Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators added to 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 -1,372 contracts in the data reported through Tuesday October 9th. This was a weekly lowering of -75 contracts from the previous week which had a total of -1,297 net contracts.
The speculative bearish bets increased for the second week in a row and for the third time out of the past four weeks.
Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, raised their existing bullish positions this week by an equally offsetting 75 contracts to a current bullish level of 1,372 net contracts.
Bitcoin Futures COT Data is Speculators vs Small Traders
The Bitcoin futures data is in its forty-third 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 started off on the bearish side at the beginning of the bitcoin data releases and have remained there 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 $6580 which was a boost of $70 from the previous close of $6510, according to unofficial market data.