Despite the recent price of the bitcoin price, major traders are bearish, according to a report from the Wall Street Journal.
Outlets reported data from the Commodity Futures Trading Commission showing that managers hold 14% more short positions in CME bitcoin futures last week than long positions. Other companies, even cash managers or small investors, also held three times as many short positions, according to the report.
Futures allow traders to bet on the rise and fall of an asset, so the increase in short positions indicates a total bearish attitude of big players. Bitcoin, however, has risen above $ 11,000, indicating that there is some optimism.
The CFTC report showed that small investors had more long positions. The demographic of investors with fewer than 25 BTC contracts showed four times as many long positions. That report was released Friday, with data reflecting when bitcoin fluctuates around $ 9,000.