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Big players continue to reduce positions in bitcoin futures on CBOE

Over the week ending March 6, the number of open contracts for bitcoin futures on the CBOE decreased again, from 6,032 to 5563, according to the report filed by the Commodity Futures Trading Commission (CFTC).

The net short position held by the bigger players went down from 1,833 to 1,599 contracts over the period, as both long and short positions decreased, from 3,389 to 2,782 contracts and from 5,222 to 4,381 contracts, respectively. The net short position held by the institutional investors is up from 104 to 110 contracts.

As for the smaller players, their net long position over the same week decreased from 1,833 to 1,599 contracts, whereas long positions were down from 2,574 to 2,563 contracts, and short positions rose from 741 to 964 contracts.

By the bigger players we here mean the participants obliged to submit regular reports to the commission, including brokers, externally financed investment funds, and others.

The figures above do not take into account the positions that are part of spread trading strategies, where traders open both short and long positions simultaneously.

The CBOE began trading bitcoin futures on December 12, followed by the CME Group on December 18. However, the CME Group data are still not reflected in the weekly CFTC report.

When assessing the difference in short and long positions of large and small players, it should be borne in mind that a short position in the bitcoin futures market does not necessarily mean that the trader’s forecast for the price of the underlying asset is negative.

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