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Global institutional investment in Bitcoin (BTC) futures on the Chicago Mercantile Exchange (CME) declined last week, according to data released by the US Commodity Futures Commission (CFTC) April 9th.
The data shows that as of April 9, institutional investors and badet managers held 244 open long positions, 71 fewer than April 2, and 80 open short positions, nine fewer than a week earlier. In addition, the data show only three open spread positions for institutional investors, 32 less than the previous week.
As of April 9, the number of short positions among institutional investors had decreased by 11%. Long positions, on the other hand, declined by almost 30% over the same period, indicating a slight bearish sentiment among investors.
At the same time, although CME institutional investors have more long positions than open positions, the number of open short positions prevails in the total total open positions of the badet. There are 3,267 long open positions on the BTC futures contracts offered on the WEC stock exchange and 4,177 open short positions.
During the week of April 2 to 9, the total number of short positions increased by 421, while that of long positions rose slightly by 366.
Bitcoinist had previously announced that the number of long open positions on CME Bitcoin futures by institutional investors and badet managers had increased over the previous week.
Specifically, there would have been an 88% increase in institutional long positions compared to the previous week, with 315 long contracts opened on April 2nd. The publication also indicates that the number of short positions decreased by 63%, from 89 to 89 contracts. 241.
As Cointelegraph reported last week, CME had indicated that its Bitcoin term volumes had record trading volumes on April 4, just after the Bitcoin price hit record highs over several months. Bitcoin is currently trading around $ 5,100 and sees virtually no change day and week.
Wall Street strategist Thomas Lee, co-founder of Fundstrat Global Advisors, revealed last week that his "Bitcoin Disappointment Index" (BMI) had recently reached its highest level since June 2016. According to Lee, the fact that Bitcoin has published its highest level of reading since June 2016 provides a mixed signal:
"Well -> Since 2011, the BMI> 67 has been observed only in bull markets in $ BTC. More bull proof to leave. Bad -> BMI> 67 after peak, BTC $ ~ 25% = profit taking ST. "
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