Bearish sentiment is growing among big bitcoin speculators

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

Large speculators (NON-COMMERCIAL) increased net sell position by 0.72K contracts to 2.67K. Large speculative players increased net sell position for the second week after reducing it 5 weeks out of last 7. The net position continued to grow from the lowest levels since July 21 of last year, becoming the highest in almost a month.

Small speculators (NONREPORTABLE POSITIONS) increased the net buy position on bitcoin contracts by 0.56 thousand contracts to 2.35 thousand. Small speculators increased the net buy position also for the second week in a row.

The hedgers (COMMERCIAL) have increased their net buying position on bitcoin contracts by 0.16k to 0.32k. The hedger-operators have been increasing their net buying position 2 weeks out of the last 3.

Open interest rose by 0.61 thousand contracts to 9.95 thousand.

The bearish index of large speculators (the ratio of the number of sell contracts to the number of buy contracts) rose by 0.16 to 1.56 during the week.

COT bitcoin report data reflects a noticeable increase in bearish sentiment among large speculators. Large funds actively built up selling, which led to a 37% increase in net position on BTC decline over the week. At the same time, the net position continued to grow from the lowest levels of the last 8 months. The continuation of this trend may contribute to the decline of the cryptocurrency.

Small speculators during the last week mainly increased their purchases. Among small speculators bullish sentiment continues to grow, but this group of traders usually has no significant influence on the market.

Hedgers, after a one-week break, resumed building up a net position aimed at lowering bitcoin. Longer-term hedgers saw an increase in bearish sentiment on the cryptocurrency.

данные отчетов COT являются фундаментальными и используются в основном для средне и долгосрочной торговли. Крупные спекулянты, NON-COMMERCIAL (банки, инвест-фонды) торгуют обычно по тренду. Мелкие спекулянты, NONREPORTABLE POSITIONS — обычно не оказывают большого влияния на рынок. Хеджеры, COMMERCIAL (операторы, крупные компании) торгуют обычно против тренда. Чистая позиция — это разница между числом контрактов на покупку и продажу. Открытый интерес — это сумма всех открытых позиций на рынке.