I shorted 40 mini contracts at $40K. Meant to get 50 but the last ten ran away from me.
I'm channel surfing until I get bucked down.
I'm channel surfing until I get bucked down.
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Sentiment tracker (2021) 2 replies
DislikedI shorted 40 mini contracts at $40K. Meant to get 50 but the last ten ran away from me. {image} I'm channel surfing until I get bucked down.Ignored
DislikedThis bets that BTC will move in 50% waves, ie act like a proper commodity. {image}Ignored
Disliked{quote} I don't see this happening until we get some ETFs in the mix. I'm not sure which direction bitcoin's next move will be. Looking at the latest CFTC COT report, there's not a lot of volume in the CME BTC and MBT, especially on the retail side of things. Open interest for BTC contract was at 6,769. For MBT contract is was 19,439. Retail traders only account for 7% of BTC open interest and 0.9% of MBT open interest. It should be noted that it's a speculative asset so...Ignored
Disliked{quote} I don't see this happening until we get some ETFs in the mix. I'm not sure which direction bitcoin's next move will be. Looking at the latest CFTC COT report, there's not a lot of volume in the CME BTC and MBT, especially on the retail side of things. Open interest for BTC contract was at 6,769. For MBT contract is was 19,439. Retail traders only account for 7% of BTC open interest and 0.9% of MBT open interest. It should be noted that it's a speculative asset so...Ignored
Disliked{quote} In the post I had retail and institutions flipped. My bad! Here are the corrections to make better sense of it. 'Commercial' or institutional open interest is very low. They seem to be holding out for the ETF(s). Open interest for BTC contract was at 6,769. For MBT contract is was 19,439. Institutional traders only account for 7% of BTC open interest and 0.9% of MBT open interest. Retail traders are holding steady at 56% short while institutional traders shifted from the week prior to 37% from 12% short. That's for BTC. There's 0 MBT contracts...Ignored
Disliked{quote} I think you're off on a few definitions. 'Commercial' is the hedgers. 'Non-commercial' is the speculators. Retail isn't reported on the CoT. You can, however, use MBT as a retail proxy, because why would an institution trade micro? The most interesting thing I see on the BTC positioning is that there are barely any hedgers. I expect that will change as the crypto industry matures. {quote} On this you are right. BTC at $50K blows a hole in my 'proper commodity' theory.Ignored
DislikedFeels like a new wave of buyers is here. I'm seeing it as slightly conservative institutional money.Ignored