2018-8-28 20:49 |
A recently released report by the US Commodity Futures Trading Commission (CFTC) shows that bearish positions for non-commercial contracts of Bitcoin (BTC) futures are on the decline.
Bitcoin’s movement has diminished to a near crawl in the last two weeks. A net position of -1266 contracts in the week ending on August 21st is the lowest on record since the futures were first listed on the exchanges in December last year. At their most extreme, just 10 weeks ago, there were more than -1900 contracts. This is a significant shift in the market and could be a precursor of the big bull market that is looming large.
Short positions fell by 210 contracts to 3,426 as contrasted with the previous week, with long positions up by 56 contracts at 2,160. As shown by the negative total tally, the market is still overall net short, yet -1266 is a sharp turnaround from the -1926 recorded June 5th. The new data appears to reveal a trend away from bearish sentiment, supported by strong price performance on Bitcoin spot markets.
Last week’s news that the SEC would review a series of decisions on ETFs could also be a break in the clouds. The SEC denied permission for nine different ETFs and ProShares was among the casualties with a pair of bitcoin ETFs.
Now the SEC has revealed it has no issue with the Bitcoin technology or bitcoin’s value. The problems are with the ecosystem, the exchanges, and other new businesses. The real concerns lie with potential market manipulation and the SEC will now review its own findings. Effectively it is a ‘stay’ on the rejection orders.
Could this be the start of a bull run after a long bullish trend? We’ll have to wait and see.
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