Bitcoin sees weaker speculative activities as price holds steady
According to a report from U.S. Commodity Futures Trading Commission (CFTC) on Friday, non-commercial investors, commonly treated as market speculators, held a net short position of 865 Bitcoin future contracts for the week ending October 1.
Meanwhile, the total amount of the future contracts held by speculators decreased significantly, signaling that speculative activities over the cryptocurrency got weaker.
Speculators try to make a profit from the assets' price volatility.
When investors "short" some kind of financial assets like currencies, commodities, options or futures, they hold a bearish view on the asset and believe there will be a drop in the price.