RATE Group | Upside Calling? Bearish Bets on Bitcoin Futures Hit Record Low
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Upside Calling? Bearish Bets on Bitcoin Futures Hit Record Low

27 Aug Upside Calling? Bearish Bets on Bitcoin Futures Hit Record Low

Posted at 12:00h in Bitcoin News by

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The bearish sentiment in the bitcoin (BTC) futures market hit a record low last week, likely indicating the worst of the plunge in the leading cryptocurrency is behind us.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1266 contracts in the week ended Aug. 21 – the lowest on record, according to the data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The futures data indicates the speculators are the least bearish on BTC since the futures listing back in December.

A negative total represents net short positions (bearish bets) and a positive tally indicates net long positions (bullish bets).

The sharp drop in the bearish sentiment, as represented by the steady decline in the net short positions from the high of -1945 seen ten weeks ago to -1266, adds credence to the signs of bearish exhaustion indicated by BTC’s defense of $6,000 since mid-June.

At press time, BTC is…

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