CME Bitcoin Futures

  • Non-commercial interest in CME cash-settled futures drops, CFTC report.
  • CME futures currently at a net short position, at 856 short open contracts.
  • Bitcoin bears set to push the price below $8,500 USD.

The overall Bitcoin futures market is on a slippery slope as interest in both institutional and retail investment drops to levels below the July spike that pushed BTC’s price above $13,000 USD. According to a report released by the U.S Commodities Futures Trading Commission this Tuesday on futures trading in the US trading market, CME cash-settled futures have dropped to 865 net short contracts signaling worrying signs for BTC price in the coming weeks.

Non-commercial interest in BTC futures plummets

Non-commercial investors, commonly treated as market speculators, held a total net short position of 865 BTC contracts as of the week ending Nov. 12. The drop in interest of speculative buyers signals a possible drop in price as the bears take over the BTC market. As of the end of Nov.12, the total number of long contracts stood at 1,679 BTC and open short positions at 2,544 BTC.

The number of open contracts in non-commercial CME BTC futures is currently at 3,091 BTC, representing a 12% drop in the number from the previous week. The depressive state of BTC at the moment, trading below $8700, is further amplified by the spike of open interest in short trades by 83% during the week.

Institutional interest in BTC in a slip

The institutional interest in CME BTC futures is similarly following the path of retail traders as open interest plummeted in bears favor in the past week too. Starting off November at a three month high of 870 open long BTC contracts, the interest slipped by over 300% in a week to 190 contracts.

Since BTC’s spike following the Xi blockchain speech to over $10K, the fall in price to current levels below $8,500 saw institutional investment drop to a net short position of 220 open contracts.

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Source: Coin Gape