Reference reading: "Understand what the CFTC weekly position report is in one article"

The latest CFTC CME Bitcoin Position Weekly Report (September 20 - September 26) released on September 30 showed that the total open interest of Bitcoin standard contracts fell from 16,670 to 14,844, and the increase in the previous two weeks was fully reversed. The value hit a new low in nearly 15 statistical periods. During the statistical period, the price of Bitcoin fluctuated downward. As there was no price rebound during the statistical period, the market heat dropped rapidly. However, considering that the market started to rebound immediately after the end of the statistical period, in the environment where the overall open interest has dropped significantly, which type of accounts made more "correct" choices will be the key focus of this weekly report.

The largest dealer account’s long position decreased from 620 to 433, and its short position decreased from 2111 to 1859. This type of account carried out simultaneous reduction of long and short positions in the latest statistical period, and the proportion of long positions decreased significantly. The bullish attitude of this type of account showed signs of loosening in the previous statistical period, and the bullish attitude further weakened in the latest statistical period, and even a bearish adjustment performance has appeared. The continued decline in the market has a very obvious impact on the bullish outlook of this type of accounts. Large institutions are already in a neutral to bearish state.

The long positions of asset management institutions decreased from 7392 to 7168, and the short positions increased from 850 to 1093. The asset management institutions changed the net long adjustment trend of the previous statistical period and made a clear net short adjustment in the latest statistical period. These accounts quickly turned back to the short camp after a brief turn to long in the previous statistical period, and the two types of large institutions both "shorted" during the market decline. The results were not very ideal.

The long position of leveraged funds dropped from 2204 to 1594, a new low in nearly 67 statistical cycles, and the short position dropped from 10304 to 8220, a new low in nearly 15 statistical cycles. This type of account has reduced its long and short positions simultaneously in the latest statistical cycle, among which the reduction in long positions is more noteworthy. This type of account had more ideas in the previous statistical cycle, and there are signs of turning from long to short in the latest statistical cycle.

The long positions of large accounts decreased from 2763 to 1852, and the short positions remained unchanged at 114. The value continued to remain at the low level in the past 137 statistical periods. The large accounts conducted net cold adjustment in this statistical period. Such accounts turned short in the latest statistical period after conducting net long adjustments for two consecutive weeks.

Retail investors’ long positions increased from 1191 to 1200, and short positions increased from 791 to 961. Retail investors increased their long and short positions simultaneously during the latest statistical period, with the increase in short positions being more obvious. Retail investors’ attitudes also turned from long to short.

Total open interest in Bitcoin micro contracts rose from 8,102 to 8,690.

The long position of dealer accounts increased from 298 to 338, and the short position increased from 426 to 435. This type of account increased its long and short positions in the micro contracts simultaneously. There was no obvious long-short bias, and the net long attitude expressed in the standard contract was not affected.

The long positions in the asset management institutions’ accounts decreased from 373 to 319, and the short positions decreased from 838 to 806. The asset management institutions carried out simultaneous reductions in both long and short positions in micro contracts.

The leveraged fund’s long position increased from 1422 to 1590, and the short position increased from 2416 to 2629. The leveraged fund increased its long and short holdings simultaneously during the latest statistical period. The long-short position ratio did not change, and there was no information that could be interpreted.

The long positions of large investors increased from 2276 to 2296, and the short positions decreased from 1985 to 1574. This type of account has made a net long adjustment in the latest statistical period. However, considering that there is a clear net short position adjustment in the standard contract, this is a standard risk hedging operation.

Retail long positions fell from 2432 to 2202, while short positions rose from 1136 to 1301.