The CFTC report: on the futures market for bitcoin are «bullish» sentiment

Bitcoin and cryptocurrency markets have been in bearish trends the entire first month of 2018 after last December, many digital assets have reached record levels. While many have followed the correlation between the new markets for derivatives linked to bitcoin that offer exchange CBOE and CME, with the same interest as the price of the cryptocurrency.

Over the past few weeks, the majority of futures contracts on the bitcoin could not boast of good results as traders predicted a downtrend. However, according to the latest data, rate futures bitcoin show that the vast majority of positions in contracts went a «long» that can speak about the rising cost of BTC in the near future.

The emergence of futures bitcoin contributed to the hype and sparked active trading on the cryptocurrency market. After the launch of the futures market value of bitcoin rose above 19,000 dollars, but in the new year there was a fall in prices by 50%. After the appearance of derivatives tied to bitcoin, Commission on trade commodity futures (CFTC) began to publish reports about the performance of the market CBOE.

The CFTC report for December shows that futures traders had done the basic bets against BTC prices, indicating a bearish sentiment and spot prices that followed the prediction of the price of the contracts. However, the report, released last Friday, talking about the other trends, as the contracts of the vast majority of «bullish» — this means that traders CBOE expect the growth of prices.

According to the latest CFTC report, 1 142 of the contract are «long» (bet that the price will rise), while only 518 contracts — «short» (a bet that prices will decline). The data contrast sharply with previous weeks, when the number of «short» contracts the CBOE exceeded the number of «long» 4 times.

The other day a columnist of the blog Evercoin Miko Matsumura (Miko Matsumura) wrote that the people who play the markets bitcoin have to be careful. For example, Matsumura said that the majority of traders futures trading on the CBOE and CME is the only «speculators» who just benefit from price spikes.

«Those who bet against bitcoin is weak because they don’t actually believe in the value of cryptocurrency — many of them believe that the value can «reach zero». However, they do not take into account the army of those who keep the bitcoin, and a large number of people, who can not wait to invest in bitcoin at much lower prices. Investors of bitcoin you will be safe. Speculators will not be able to strongly influence the market,» explains Matsumura.

At the moment most of the traders engaged in forward transactions in the OTC market, bet on the traditional cryptocurrency exchanges. Open positions on Bitfinex today are at the level of almost 27,000 long-term contracts and about 18,000 short. The recent CFTC report also indicates that traders are not ready to bet against bitcoin. This week’s key traders of derivatives tied to bitcoin CBOE to predict a trend reversal cryptocurrency up is inevitable.

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