CFTC trading data shows many are shorting CME bitcoin futures

Bitcoin • June 25, 2019, 7:30PM EDT

UPDATED: June 26, 2019, 9:42AM EDT

Despite the recent bitcoin price spike, big traders are bearish, according to a report from the Wall Street Journal.

The outlet reported data from the Commodity Futures Trading Commission showing managers holding 14% more short positions in CME bitcoin futures last week than long positions. Other firms, neither money managers nor small investors, also held three times as many short positions, according to the report.

RELATED INDICES

See crypto indices

Futures allow traders to bet on the rise and fall of an asset, so the increase of short positions indicates an overall bearish attitude by big players. However, bitcoin has risen above $11,000, indicating there is some optimism.

The CFTC report showed small investors held more long positions. The demographic of investors with fewer than 25 BTC contracts showed four times as many long positions. That report was released Friday, with data reflecting when bitcoin was hovering around $9,000.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.