BitOoda Evening Report 11/22/2019

Nov 22 · 2 min read

Good evening from BitOoda. The CFTC just released Commitment of Traders (COT) report shown below.

We also see BitMEX, CME and Bakkt to all have lower volume shown below.

From this data we are inferring the latest sell-off to be mostly weak longs getting out of the market pushing the price lower NOT new shorts coming in. Because of this, we believe the sell-off shouldn’t be as long and as deep as previous bear markets. In general, we are wary of getting short here because we feel it might be a trap.

We also have noticed the price action this week where the CME futures have led the way lower, not spot. This means the basis was negative in a contango futures term structure. This is very peculiar, and we do not expect for this to continue. We would expect the next COT report to have even greater long liquidations due to the uncertainty/rumors surrounding the space.

If you would like to discuss further please email


Written by

BitOoda is a digital asset advisory firm offering best execution services, risk management, and market analysis.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade