Large investors increase their positions to short, and large institutions still show a bullish attitude behind their risk control and position reduction | CFTC COT Bitcoin Position Weekly Report

On April 24, the CFTC released the latest CME Bitcoin Futures Weekly Report (April 14-April 20). In the latest statistical period, BTC's rise took a sharp turn downward, with a sharp correction of $7,000 during the entire period, and the market quickly moved away from the historical high point at the end of the previous statistical period. In the previous statistical period, only large accounts "foresaw" this round of sharp plunge and made net air conditioning in advance. After the price drop has occurred, whether the adjustment ideas of various accounts that continue to chase long positions have changed is the key to this weekly report.

The total open positions (total open positions) dropped sharply from 9,653 to 8,817 in the latest data. This value dropped sharply against the backdrop of a sharp drop in the market, hitting a nearly six-week low, indicating that the market has responded to this rapid decline in an "emergency" manner in the first place.

From the perspective of sub-item data, the largest dealer's long position fell from 556 to 516, and the short position fell sharply from 311 to 87. This value fell from the high point of the past 7 weeks and directly hit a new low in the past 26 weeks. The long and short (hedged) positions rebounded from 0 to 70. In the latest statistical period, dealer accounts did not stick to the idea of ​​increasing positions in the previous statistical period, but carried out a considerable reduction in long and short positions. As the largest institutional investors in the market, they seem to be "caught off guard" by the recent round of corrections.

However, it is worth noting that in the latest statistical period's rebalancing process, this type of accounts reduced their short positions significantly more, which means that although the pace of large institutions' pursuit of long positions has slowed down, they have not directly shown a fierce desire to "short sell", and the institutions' overall bullish attitude towards the market is still reflected from the side.

The long positions held by asset management institutions slightly increased from 366 to 372, and the short positions increased from 340 to 554, which hit a nearly 6-week high. The two-way positions dropped from 136 to 0. In the latest statistical period, asset management institutions did not carry out a consistent long and short synchronous reduction with brokerage accounts, but carried out a completely opposite long and short synchronous increase. What is more "interesting" is that in the process of increasing positions in the latest statistical period, the increase in short positions of asset management institutions was significantly greater. Therefore, if we only look at the results of the position adjustment, asset management institutions have shown a rare bearish attitude. As a type of account that has basically remained "optimistic" for a long time, this large increase in short orders may mean that such accounts believe that there is still room for further market declines.

In the latest statistical period, the long position of leveraged fund accounts fell from 2979 to 2616, the short position fell from 7634 to 6709, and the two-way position fell from 363 to 328. Leveraged funds reduced their long and short positions simultaneously in the latest statistical period, and the performance of position adjustment was similar to that of dealer accounts, especially leveraged funds also reduced their short positions by a considerable margin. Therefore, it is also believed that this type of account has more ideas, and the risk control reduction is still the main method for the price correction that has occurred, and it is still relatively optimistic about the further rise in the future market.

In terms of large-cap positions, long positions further decreased from 2433 to 2173, short positions increased from 174 to 268, and two-way positions increased from 0 to 90. Large-cap accounts were the only type of accounts that clearly reduced long positions in the previous statistical period, and they made very clear net air conditioning in the latest statistical period. As the only type of account that accurately "predicted" the callback market, such a firm bearish attitude has undoubtedly increased the expectation of further decline in BTC prices in the short term.

In terms of retail positions, long positions fell from 2,820 to 2,652, and short positions rebounded from 695 to 711. As a type of account that is most affected by market fluctuations, retail accounts made clear net adjustments in the latest statistical period in response to the sharp drop in the market. This choice is exactly the same as the "god-level" large accounts in the previous statistical period. After the last time they stood on the same front with institutions and the final result was not good, whether retail investors will succeed in this "follow-up" will become one of the highlights worthy of continued follow-up attention in the next statistical period.