According to the COT reports (Commitments of Traders), the Commission on trade commodity futures (CFTC) for the week ending last Tuesday:
Large speculators (NON-COMMERCIAL) net position of contracts on the bitcoin 0.26 thousand contracts thousand to 0.63 of Large speculative players increased net position in the market after a week of reduction, and increase its already 3 weeks from the last 4. The net short position exceeded the maximum levels in February and was the highest since April last year, since the publication of the reports from CME on bitcoin.
Small speculators (NONREPORTABLE POSITIONS) increased its net position to buy contracts on bitcoin 0.26 thousand contracts to 0.86 thousand Small speculators are increasing their net buy position almost 4 weeks.
Hedgers (COMMERCIAL), usually trading against the main trend, reduced the net short position contracts on bitcoin to 3 contracts to 229.
Open interest increased by 0.57 thousand contracts to 4.00 thousand
Bearish large speculators index (the ratio of the number of contracts for the sale of the contracts to purchase) rose for the week by 0.07 to 1.26.
Summary: the data of the COT report on bitcoin reflect a noticeable increase in bearish sentiment among large speculators, who after a week of break vozobnovit increasing net short positions on the decline of bitcoin. Large foundations increased their sales in BTC 31%. At the same time, the net position for the decline of bitcoin has reached historical highs of February. The continuation of this trend could contribute to reducing the cryptocurrency. At the same time, buy the large speculators also increased for the week by 24%, and many of them believe in the growth of bitcoin.
Small speculators last week increased its purchases by 18% and net profit by 26%. Buying from small speculators began to exceed sales of more than 4 times, but they usually do not have a significant impact on the market.
Overall, the situation over the past week can be characterized as follows: major funds as sell and buy. But they sell considerably more than the purchase (by half), and most of the major funds, likely, does not believe the recent jump in bitcoin and is configured to decrease. The number of large funds that are selling, rose last week by 4 to 23.
Note: COT report data are fundamental and are mainly used for the medium and long term trading. Large speculators, NON-COMMERCIAL (banks, investment funds) are usually traded by trend. Small speculators, NONREPORTABLE POSITIONS — usually do not exert much influence on the market. Hedgers, COMMERCIAL (operators, large companies) are usually traded against the trend. Net position is the difference between the number of contracts to buy and sell. Open interest is the sum of all open positions in the market.
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