Bitcoin futures have not made an immediate impact on the market as of yet. That situation may come to change a lot sooner than people realize. Multiple hedge funds are currently looking at these futures contracts in a positive light. More specifically, new figures indicate we will see some bullish momentum affecting the market very soon. That is a more than welcome change from the current bearish sentiment haunting the market. According to the CFTC, a shift in sentiment regarding Bitcoin futures is coming. More and more hedge funds are turning bullish on Bitcoin as we speak. This is somewhat of a surprise, as the overall market sentiment was bearish for several weeks now. Given the current Bitcoin price lull, it is evident some sort of a reprieve is needed. With hedge funds potentially providing exactly that, things will get rather interesting. A positive outlook on the Bitcoin price will have a big impact on the market over time. Hedge Funds Turn Bullish on Bitcoin FuturesThe new data paints an interesting picture for Bitcoin futures. There are still 528 short positions for CBOE’s product. However, there are 1,142 long positions in the futures market right now. This is a very powerful momentum swing no one really expected at this point in time. If these numbers are any indication, the Bitcoin price will appreciate in value over the next few weeks. Until last week, short positions outnumbered long positions by over four to one. It is a bit unclear where this sudden change of sentiment comes from. Hedge funds have been bearish on Bitcoin for some time now. Then again, no valuable asset can be kept down in price indefinitely either. We are a long way away from Bitcoin’s current all-time high. Ever since, the market has become very volatile, leading to a near 50% price retrace. It is not unlikely the positive momentum will eventually carry Bitcoin back to that all-time high. With most regulatory developments not hindering the ecosystem in any way, the future is looking bright, for the time being. Even so, the Bitcoin futures market is still incredibly small. The major interest enthusiasts had expected has not materialized as of today. With more long positions compared to shorts, that may change for the better as well. CBoE is only one of the multiple futures service providers on the market right now. It is unclear if the current futures-related sentiment will impact the Bitcoin price at all. Only time will tell what the future holds for the world’s leading cryptocurrency. CFTC Indicates Hedge Funds Expect Bullish Bitcoin Price Momentum was last modified: January 28th, 2018 by JP Buntinx