The Chicago Mercantile exchange for the first time reported for futures on bitcoin
The us Commission on commodity futures trading (CFTC) on April 13 published the first weekly report COT (Commitments of Traders) filed by the Chicago Mercantile exchange (CME). To publish a report on the rules of the site, you must have 30 bidders, but so far there are only 20.
The cot report shows the market positioning and allows you to judge the mood of the participants. According to the document, to date, large speculators (Non-Commercial) bought 1077 contracts on bitcoin and sold 1315. The number of sold contracts (shorts) exceeds the number bought (long positions) by 22%, indicating moderate "bear" mood of the market.
This group of participants, the hedgers (Commercial), always opens positions against the large speculators, but additionally they do not participate in the auction.
Small traders who have small positions (Nonreportable Positions) will generally not have a significant impact on the market. On the futures market on bitcoin they usually are trading against the large speculators. Now they keep 599 of contracts for the purchase and 361 sales contract. The number of long positions exceeds the number of shorts to 66%, and they estimate the growth potential of bitcoin with great optimism.
The first report contains no data about changes of positions for the week, which does not allow to draw conclusions about recent changes in market sentiment, but after a week the data should appear.
According to profitgid, in recent years the volume of futures trading for bitcoin on the CME significantly increased: if in December, the average daily trading volume was approximately 1600 contracts over three months, this number increased to 2500. 30% is accounted for by Asian markets. In February during the Asian session daily traded more than 400 contracts.
Managing Director of CME Tim McCourt, noting the steady growth in trading volume in recent months, said that futures on bitcoin get more widespread.
Chicago Mercantile exchange started trading futures contracts on the bitcoin 17 Dec 2017. Contracts available on the CME Globex platform on the terms of cash settlement based on CME CF the Bitcoin Reference Rate (BRR) is a reference rate of bitcoin against the U.S. dollar, CME Group compiled based on data from Bitstamp, GDAX, Kraken and itBit.
The main difference between contracts on bitcoin on the CME from similar contracts at the Chicago Board options exchange (Cboe) is that the contract for CME five times more contracts on Cboe: it is equivalent to five bitcoin. The Deposit for the contract on the CME is much higher and the trade lead to larger market participants.