CME Futures Show Institutions Bearish On BTC<\/strong><\/h2>\nEach week, the Chicago Mercantile Exchange (CME) releases a “Commitment of Traders” Report, in which the exchange reveals position data supplied by reporting firms. As there is a Bitcoin futures contract on the CME, the COT report applies to BTC.<\/p>\n
According to the latest data (shared by crypto data and news Telegram channel “Unfolded”<\/a>), institutional traders \u2014 hedge funds, money managers, etc. \u2014 are still overwhelmingly net short on BTC, with an aggregate position of -1,250 BTC \u2014 the lowest this metric has seen in over a year, potentially ever. This means that institutional traders as a class are still rather bearish on Bitcoin and the rest of the cryptocurrency market.<\/p>\n![\"\"](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?resize=1280%2C716\")
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While some are doubtful of the track record of institutional traders, there is evidence to suggest that such players have an understanding of Bitcoin’s trajectory. Per previous reports from NewsBTC<\/a>, prominent crypto trader and developer Romano remarked that when Bakkt launched, futures data suggested that institutions were not short.<\/p>\nOf course, Bitcoin crashed in the days that followed. This, he claims, is a sign that institutions \u201chave a good track record for the right directional trade.\u201d<\/p>\n
Related Reading:\u00a0Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg<\/a><\/h6>\nBitcoin’s Bull Case Building<\/strong><\/h2>\nWhile institutions are hesitant, there are signs that a bull case is building.<\/p>\n
Dave the Wave, the trader that called the move to the $6,000s months ago. Dave\u00a0remarked<\/a>\u00a0that he expects Bitcoin\u2019s one-week Moving Average Convergence Divergence (MACD) indicator to turn upward, which will kick off the next round of growth in the BTC market.<\/p>\n\nPredicting the weekly MACD about to turn up…. going according to plan. \ud83d\ude42 pic.twitter.com\/xi0VJWojU0<\/a><\/p>\n— dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) December 20, 2019<\/a><\/p><\/blockquote>\n
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While some are doubtful of the track record of institutional traders, there is evidence to suggest that such players have an understanding of Bitcoin’s trajectory. Per previous reports from NewsBTC<\/a>, prominent crypto trader and developer Romano remarked that when Bakkt launched, futures data suggested that institutions were not short.<\/p>\n Of course, Bitcoin crashed in the days that followed. This, he claims, is a sign that institutions \u201chave a good track record for the right directional trade.\u201d<\/p>\n While institutions are hesitant, there are signs that a bull case is building.<\/p>\n Dave the Wave, the trader that called the move to the $6,000s months ago. Dave\u00a0remarked<\/a>\u00a0that he expects Bitcoin\u2019s one-week Moving Average Convergence Divergence (MACD) indicator to turn upward, which will kick off the next round of growth in the BTC market.<\/p>\n Predicting the weekly MACD about to turn up…. going according to plan. \ud83d\ude42 pic.twitter.com\/xi0VJWojU0<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) December 20, 2019<\/a><\/p><\/blockquote>\nRelated Reading:\u00a0Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg<\/a><\/h6>\n
Bitcoin’s Bull Case Building<\/strong><\/h2>\n
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