Over the past week, according to the COT (Commitments of Traders) reports provided by the Commodity Futures Trading Commission (CFTC):
Large speculators (NON-COMMERCIAL) have reduced the net position for the sale of contracts for bitcoins by 0.13 thousand contracts to 1.24 thousand. Large speculative players are cutting the net position for sale for the second week in a row, and five weeks out of the last seven. Net position for sale fell below the levels of August and became the minimum since the beginning of trading in futures in December.
Small speculators (NONREPORTABLE POSITIONS) reduced the net position for the purchase of contracts for bitcoins by 0.13 thousand contracts to 1.24 thousand. Small speculators reduce the net purchase position by five weeks from the last seven.
Hedgers (COMMERCIAL), trading usually against the main trend, did not participate in the auction.
Open interest increased by 0.34 thousand contracts to 4.28 thousand contracts.
The bear index of large speculators (the ratio of the number of contracts for sale to the number of contracts for purchase) declined by 0.09 to 1.64 in the week.
Summary : COT reports on bitcoin reflect the growth of bullish sentiments among large speculators, which have already reduced the net position for the reduction of bitcoin for a month and a half. Large funds increased purchases of BTC by 2% and reduced sales by 3%. At the same time, the net position for the reduction of bitcoin declined by 9% in the week and became minimal since the beginning of trading in futures in December. Continuation of this trend can contribute to the growth of the crypto currency .
Small speculators in the last week increased sales (by 13%) and reduced purchases (by 2%). Among the small speculators, bearish sentiment is growing, but small traders usually do not have a significant impact on the market.
In general, the situation can be characterized as follows: large funds took advantage of the decrease in bitcoin and bought part of the contracts for BTC from small speculators, which are becoming increasingly frustrated with the prospects for further growth of the crypto currency.
