Bitcoin futures: short Positions dominate the market
Futures on bitcoin at the exchange CME: analysis of the COT report dated July 27,
On Friday, June 27, the Commission on commodity futures trading (CFTC – Commodity Futures Trading Commission) has introduced the new weekly COT report (Commitments of Traders) from the stock exchange CME, which has cut open positions 36 traders from 18 to 24 July 2018 inclusive. On the stock exchange Bitmeх during this period, the bitcoin has risen in price to dollar by 14.6%.
Large traders (non-commercial) showed the following results: for the reporting period increased long and short positions. Long positions increased by 458 units, up to 2792 (+19,6%) contracts short positions – 308 PCs., up to 2295 (-15,5%) of the contract. Net short net position increased by 43,228%, to 497 contracts against 347 in the previous week.
In the column “Spreads” the speculators last week increased covered positions 122 to 265 (+73,20%) of the contract. It is strange that during the increase in the pair XBT/USD increased this figure, as the counter positions are opened during a of uncertainty.
Small market participants (non-reportable positions) showed the following: unaccountable traders increased long positions 147 to 931 (+18.75 percent) of the contract. Short positions decreased by 3 to 353 (0,83%) of the contract. Net long net position increased by 35.37% to 574 contracts against 424 contracts a week earlier.
Conclusion: during the reporting period, large speculators, an increase in both long and short positions. Buyers have increased their long positions on BTC, because they believe that it has begun a new rally. Sellers, too, can understand. They shortat the appreciated bitcoin, as expect him to fall.
Short positions continue to dominate the futures market.
The volume of one contract on the CME — five bitcoins.
Futures on the bitcoin on stock exchange CBOE: analysis of the COT report dated July 27,
For completeness, we should consider the same weekly COT report (Commitments of Traders) from the stock exchange, the CBOE, which has cut 47 of the open positions of traders, from 18 to 24 July 2018 inclusive. He’s the exact opposite report from CME.
Large traders (non-commercial) showed the following results: during the reporting period, long positions decreased by 169, to 2326 (+7,83%) of the contract, short position, by 158 to 3977 (-4,13%) of the contract. Net short net position decreased by 0.66%, to 1651 1662 contracts against a week earlier.
In the column “spread” traders for the past week decreased covered positions 96 (-28,40%) to 242 contracts. Growth closed long positions, which opened during the fall.
Small market participants (non-reportable positions) demonstrated the following: unaccountable traders have reduced long positions on the 116, to 2173(-5,06%) contracts short positions – 127 to 522 (of -19.5%) of the contract. Net long net position increased by 0.67%, to 1651 1640 contracts vs contracts a week earlier.
Conclusion: if the CME during the rally of bitcoin by large traders, an increase in long and short positions, the CBOE market participants reduced positions and left the market. On CME open interest increased by 577 contracts on the CBOE, it decreased by 381 contract. On CME one contract is 5 bitcoin, CBOE is 1 bitcoin.
Futures the picture is contradictory, as, in fact, on the spot market. On CME there has been an influx of cash on the CBOE – outflow. Maybe this is a temporary phenomenon, but the decline of open interest is a bearish sign for the stock market.