Futures reports are a useful tool for traders that helps to capture the mood among major players and complement the vision of the market situation. On what mood reigns in the camp of the "pillars" of the market Bitcoins , told an analyst Dmitry Perepelkin and head of department of communications Inception Fund Ekaterina Skobitskaya.
In the period that covers the weekly report from May 21 to May 28, a new gap in bitcoin futures on the CME was formed. On the graph above, I visually displayed this situation. Let me remind you that, historically, gaps show excellent training. This time is no exception.
Pay attention to the fact that the development took place almost perfectly – a dollar to a dollar. The newly completed gap closure once again underlines that futures have a huge impact on the market.
Now we will touch directly the COT report itself for the period from May 21 to 28. Institutionalists continue to increase long positions. A total of 43% was added. In this case there is no open short-contract. These data are a signal in favor of the fact that large players expect further growth. There is also no spreading, which means that all 319 long contracts are unprotected.
In the Leveraged Funds camp, we see that the gap between short positions is noticeably shrinking. 2763 shorts against 2709 longs. The gap is almost 1%. In the last report, the difference reached 6%. The reduction is due to the fact that longs were opened by 33% more than short positions. Spreading is still virtually untouched. Only 3.3% of hedge positions closed.
As for volumes, CME maintains a high level of daily trade. So, the hype is still on the market.
Also, do not forget about the interest rate on Bitfinex. She is kept at the same high level:
You shall not drop! #Bitfinex
USD monthly interest = 2.1% pic.twitter.com/4yeb6079Ng– Dmitry_Quail (@Dmitry_Quail) June 2, 2019
Publication date 05/06/2019
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