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Bitcoin Futures on CBOE Shows Negative Dynamics

Over the week ending November 20, the number of open contracts for bitcoin futures on the CBOE wind down from 3,670 to 3,476 according to a report filed by the Commodity Futures Trading Commission (CFTC).

The net short position held by the big players recovered from 1,185 to 1,199 contracts. Long positions reduced from 1,709 to 1,598 contracts, short positions decreased from 2,894 to 2,797. Institutional investors short positions are 150 contracts.

As for the small players, their net long position over the week increased from 1,185 to 1,199 contracts. Long positions recovered from 1,590 to 1,653 contracts. Short positions build up from 405 to 454 contracts.

By the big 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, 2017, followed by the CME Group on December 18, 2017.

When assessing the difference in short and long positions of big 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.

The figures reflected in the text are based on the data from the report filed by the Commodity Futures Trading Commission (CFTC) published on November 20, 2018. The information in this text is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced here. Please be aware that short selling strategy implies high risks.

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Oil has been falling in price since the beginning of October and this trend continues. If in the first days of October Brent was over $ 85 per barrel, and WTI – was above $75, by mid-November they fell below $70 and $60 respectively. The overall decline on fears about oversupply amounted to more than 20%.

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