CME Sees Institutional Bitcoin Investments Drop This Week According to Latest CFTC Data

Much of the community has been relying on institutional investments to bring new liquidity and revenue to the cryptocurrency industry.

While the overall institutional investment in Bitcoin has been seeing an increase lately, data from the Commodity Futures Trading Commission (CFTC) reveals a change in that trend. According to this information, the investment with Bitcoin futures on the Chicago Mercantile Exchange (CME) have been decreasing over the last week.

The data collected comes from April 9^th, when there were 244 open long positions held by institutional investors and asset managers, which is 71 fewer open long positions (30% decrease) since April 2^nd. The open short positions only add up to 80, which is nine fewer than the week before, which is a drop of 11%.

Last week, there were 35 open spreading positions, which has dwindled down to three open spreading positions on April 9^th.

On the CME platform specifically, institutional investors are holding more long than short positions. Still, the total open positions for the asset still has more open short positions. On the CME exchange, there are 4,177 open short positions for BTC futures contracts while there are only 3,267 open long positions. In the time from April 2^nd until April 9^th, long positions had a small increase of 366, while the total short positions were a little more substantial, increasing by 421.

Bitcoinist had formerly reported that the previous week of long positions with CME Bitcoin futures contracts with both asset managers and institutional investors had increased. Specifically, there had been an 88% spike with institutional long positions, compared to 315 long contracts that had opened on or before April 2^nd. Short positions saw a drop from 241 to 89 contracts, which reflected 63% decrease.

Last week, Cointelegraph reported on the record trading volumes for Bitcoin futures on April 4^th, coinciding with the rise of value in Bitcoin volume that surpassed any of the highs of previous months. Presently, with no substantial ups and downs, Bitcoin’s price is residing at $5,104.83 at 12:38pm MST today.

Thomas Lee, the co-founder of Fundstrat Global Advisors, said last week that the “Bitcoin Misery Index” of his creation was seeing its highest numbers since the summer of 2016. He noted that this data sends mixed signals when compared with the fact that Bitcoin’s highest reading since the same time was recorded in the same week.

The Bitcoin Misery Index reached 89 on 4/2. Highest reading since June 2016. Means good and bad.

Good–> Since 2011, BMI >67 only seen during $BTC bull markets. More evidence bull starting.

Bad –> BMI >67 after peak, $BTC falls ~25% = Profit taking ST.#bitcoinmiseryindex pic.twitter.com/X55q2ypiCA

— Thomas Lee (@fundstrat) April 11, 2019

Bitcoin Price's All Time High Was 481 Days Ago: BTC Mining Halving is 400 or So Days Away