{"id":408362,"date":"2019-12-23T01:45:18","date_gmt":"2019-12-23T01:45:18","guid":{"rendered":"https:\/\/wncen.com\/?p=408362"},"modified":"2024-06-11T13:35:39","modified_gmt":"2024-06-11T13:35:39","slug":"cme-futures-institutions-hestitant-despite-bitcoins-bullish-signs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cme-futures-institutions-hestitant-despite-bitcoins-bullish-signs\/","title":{"rendered":"CME Futures Data: Institutions Still Wary Despite Bitcoin&#8217;s Bullish Signs"},"content":{"rendered":"<p>Once again, analysts have begun to flip bullish on Bitcoin (BTC), citing fundamental and technical factors to back their cheery sentiment. Though, not everyone is convinced that the cryptocurrency market is poised to see upside.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/21\/crypto-market-long-term-trend-positive-binance-ceo\/\" data-wpel-link=\"internal\">Crypto Market\u2019s Long-Term Trend is Positive: Binance CEO Explain Why<\/a><\/h6>\n<h2><strong>CME Futures Show Institutions Bearish On BTC<\/strong><\/h2>\n<p>Each week, the Chicago Mercantile Exchange (CME) releases a &#8220;Commitment of Traders&#8221; 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<p>According to the latest data (shared by crypto data and news <a href=\"https:\/\/t.me\/unfolded\" rel=\"nofollow\">Telegram channel &#8220;Unfolded&#8221;<\/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<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-408363 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?resize=1280%2C716\" alt=\"\" width=\"1280\" height=\"716\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/photo_2019-12-22_02-08-13.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>While some are doubtful of the track record of institutional traders, there is evidence to suggest that such players have an understanding of Bitcoin&#8217;s trajectory. Per <a href=\"https:\/\/wncen.com\/2019\/10\/06\/institutions-long-bitcoin-price-analysts-breakout\/\">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<p>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<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/21\/crypto-tidbits-bitcoin-returns-7200-ripple-tron-ceo-thunberg\/\" data-wpel-link=\"internal\">Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg<\/a><\/h6>\n<h2><strong>Bitcoin&#8217;s Bull Case Building<\/strong><\/h2>\n<p>While institutions are hesitant, there are signs that a bull case is building.<\/p>\n<p>Dave the Wave, the trader that called the move to the $6,000s months ago. Dave\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/21\/analyst-called-bitcoin-crash-6000s-price-rebound\/\" data-wpel-link=\"internal\">remarked<\/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<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Predicting the weekly MACD about to turn up&#8230;. going according to plan. \ud83d\ude42 <a href=\"https:\/\/t.co\/xi0VJWojU0\" rel=\"nofollow\">pic.twitter.com\/xi0VJWojU0<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/20285185?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Mike McGlone, the senior commodities strategist for\u00a0<a href=\"https:\/\/www.bloomberg.com\/professional\/product\/bloomberg-intelligence\/\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">Bloomberg Intelligence<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/60053249\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">recently made<\/a>\u00a0the assertion that Bitcoin has a\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/21\/bloomberg-analyst-bitcoin-more-likely-hit-10000-than-fall-30\/\" data-wpel-link=\"internal\">higher likelihood of surging 40% to $10,000<\/a>\u00a0than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages. McGlone looked to two trends: 1) gold\u2019s strength should aid Bitcoin, and 2) growing cryptocurrency adoption coupled with the Bitcoin halving should drive prices higher by simple supply-demand economics.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/12\/21\/banking-unbanked-bitcoin-podcaster-finds-restaurant-shunned-banks-btc\/\" data-wpel-link=\"internal\">\u00a0Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Once again, analysts have begun to flip bullish on Bitcoin (BTC), citing fundamental and technical factors to back their cheery sentiment. Though, not everyone is convinced that the cryptocurrency market is poised to see upside. Related Reading:\u00a0Crypto Market\u2019s Long-Term Trend is Positive: Binance CEO Explain Why CME Futures Show Institutions Bearish On BTC Each week, the Chicago Mercantile Exchange (CME) releases a &#8220;Commitment of Traders&#8221; 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. According to the latest data (shared by crypto data and news Telegram channel &#8220;Unfolded&#8221;), 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. While some are doubtful of the track record of institutional traders, there is evidence to suggest that such players have an understanding of Bitcoin&#8217;s trajectory. Per previous reports from NewsBTC, prominent crypto trader and developer Romano remarked that when Bakkt launched, futures data suggested that institutions were not short. 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 Related Reading:\u00a0Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg Bitcoin&#8217;s Bull Case Building While institutions are hesitant, there are signs that a bull case is building. Dave the Wave, the trader that called the move to the $6,000s months ago. Dave\u00a0remarked\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. Predicting the weekly MACD about to turn up&#8230;. going according to plan. \ud83d\ude42 pic.twitter.com\/xi0VJWojU0 &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) December 20, 2019 Mike McGlone, the senior commodities strategist for\u00a0Bloomberg Intelligence,\u00a0recently made\u00a0the assertion that Bitcoin has a\u00a0higher likelihood of surging 40% to $10,000\u00a0than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages. McGlone looked to two trends: 1) gold\u2019s strength should aid Bitcoin, and 2) growing cryptocurrency adoption coupled with the Bitcoin halving should drive prices higher by simple supply-demand economics. Related Reading:\u00a0Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":395334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11529,1558,8024,2887],"class_list":["post-408362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cme","tag-cryptocurrency","tag-futures","tag-market"],"acf":[],"yoast_head":"\n<title>CME Futures Data: Institutions Still Wary Despite Bitcoin&#039;s Bullish Signs<\/title>\n<meta name=\"description\" content=\"Once again, analysts have begun to flip bullish on Bitcoin (BTC), citing fundamental and technical factors to back their cheery sentiment. 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My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.\",\"url\":\"https:\/\/wncen.com\/author\/nickchong\/\"}]}<\/script>\n","yoast_head_json":{"title":"CME Futures Data: Institutions Still Wary Despite Bitcoin's Bullish Signs","description":"Once again, analysts have begun to flip bullish on Bitcoin (BTC), citing fundamental and technical factors to back their cheery sentiment. 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