CFTC Report: Non-commercial Interest in CME Bitcoin Futures in Net Short Position

CME Bitcoin Futures

CFTC Report: Non-commercial Interest in CME Bitcoin Futures in Net Short Position

  • Non-commercial interest in CME cash-settled futures drops, CFTC report.
  • CME futures currently at a net short position, at 856 short open contracts.
  • Bitcoin bears set to push the price below $8,500 USD.

The overall Bitcoin futures market is on a slippery slope as interest in both institutional and retail investment drops to levels below the July spike that pushed BTC’s price above $13,000 USD. According to a report released by the U.S Commodities Futures Trading Commission this Tuesday on futures trading in the US trading market, CME cash-settled futures have dropped to 865 net short contracts signaling worrying signs for BTC price in the coming weeks.

Non-commercial interest in BTC futures plummets

Non-commercial investors, commonly treated as market speculators, held a total net short position of 865 BTC contracts as of the week ending Nov. 12. The drop in interest of speculative buyers signals a possible drop in price as the bears take over the BTC market. As of the end of Nov.12, the total number of long contracts stood at 1,679 BTC and open short positions at 2,544 BTC.

The number of open contracts in non-commercial CME BTC futures is currently at 3,091 BTC, representing a 12% drop in the number from the previous week. The depressive state of BTC at the moment, trading below $8700, is further amplified by the spike of open interest in short trades by 83% during the week.

Institutional interest in BTC in a slip

The institutional interest in CME BTC futures is similarly following the path of retail traders as open interest plummeted in bears favor in the past week too. Starting off November at a three month high of 870 open long BTC contracts, the interest slipped by over 300% in a week to 190 contracts.

Since BTC’s spike following the Xi blockchain speech to over $10K, the fall in price to current levels below $8,500 saw institutional investment drop to a net short position of 220 open contracts.

Summary
CFTC Report: Non-commercial Interest in CME Bitcoin Futures in Net Short Position
Article Name
CFTC Report: Non-commercial Interest in CME Bitcoin Futures in Net Short Position
Description
Non-commercial interest in CME cash settled futures drops, CFTC report. CME futures currently at a net short position, at 856 short open contracts. Bitcoin bears set to push price below $8,500 USD.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Post your comment...
Lujan Odera 92 Articles

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Follow Lujan @