Bitcoin: positive attitude to the cryptocurrency grows on the CMEsteemCreated with Sketch.

in #adoption5 years ago


According to the COT (Commitments of Traders) reports provided by the Commodity Futures Trading Commission (CFTC) - for the week ending last Tuesday:

Large speculators (NON-COMMERCIAL) reduced net position for the sale of contracts for bitcoin by 0.05 thousand contracts to 0.33 thousand. Large speculative players began to reduce the net position for sale after a two-week increase. Net position for sale began to decline from the maximum levels since early September.

Small speculators (NONREPORTABLE POSITIONS) reduced the net position for the purchase of contracts for bitcoins by 0.05 thousand contracts to 0.47 thousand. Small speculators began to reduce the net position for purchase also after a two-week increase.

Hedgers (COMMERCIAL), which usually trade against the main trend, did not change the net position for sale during the week, which remained at the level of 0.14 thousand contracts.

Open interest grew by 4 contracts to 2.75 thousand.

Bearish index of large speculators (the ratio of the number of contracts for sale to the number of contracts for purchase) declined by 0.03 to 1.20 in the week.

Summary: COT reports on bitcoin reflect the growth of bullish sentiments among large speculators, which after two weeks of growth have reduced the net position to reduce bitcoin from the maximum levels in three weeks. Large funds have reduced BTC sales by 4% and purchases by 2%. At the same time, the net position for the reduction of bitcoin decreased by 14% in a week. Continuation of this trend can contribute to the growth of the cryptocurrency.

Small speculators last week basically reduced purchases, which decreased by 8%. Among the small speculators, bearish sentiment has slightly increased, but they usually do not have a significant impact on the market.

In general, the situation can be characterized as follows: large funds at CME have already reduced their positions for two weeks due to some uncertainty in the market. But last week the number of large funds increased by 5 to 35, with 4 new funds opening purchases, which indicates the growing interest of large speculators to trade in cryptocurrency.


 


Posted from my blog with SteemPress : https://coinatory.com/2018/10/01/bitcoin-positive-attitude-to-the-cryptocurrency-grows-on-the-cme/

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