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Big players continue to build up positions in bitcoin futures

Over the week ending April 3, the number of open contracts for bitcoin futures on the CBOE decreased from 6,322 to 6,198, according to the report filed by the Commodity Futures Trading Commission (CFTC).

The net short position held by the bigger players went up from 1,490 to 1,786 contracts over the period, as both long and short positions decreased, from 3,843 to 3,442 contracts and from 5,333 to 5,228 contracts, respectively. The net long position held by the institutional investors was up from 289 to 379 contracts.

As for the smaller players, their net long position over the week increased from 1,490 to 1,786 contracts, whereas long positions were up from 2,350 to 2,624 contracts, and short positions declined from 860 to 838 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 10, 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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