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

The latest CFTC CME Bitcoin Positions Weekly Report (April 5 - April 11) released on April 15 showed that the total open interest of Bitcoin standard contracts rebounded from 13,380 to 15,977, halting the downward trend last week and hitting a nearly 7-week high.

The largest dealer account long position rebounded from 321 to 508, a nearly 71-week high. The last similar numerical performance can be traced back to November 2021, spanning almost the entire last bear market cycle. Short positions rose from 3714 to 4146. Although this value also hit a nearly five-week high, compared with such a large increase in long positions, this increase is obviously "weak", and the long position ratio returned to more than 10% after 19 weeks. This also confirms this point. Therefore, although this type of account has increased its long and short positions simultaneously in the latest statistical period, it actually clearly consolidates the bullish attitude expressed in the previous statistical period.

The long positions of asset management institutions increased from 6450 to 7376, and the short positions decreased from 170 to 82. Asset management institutions once again made a clear net long adjustment in the latest statistical period. The proportion of long positions in such accounts further increased. The two largest types of institutional accounts reached a consensus on the bullish direction of the market outlook.

The long position of leveraged funds increased from 3327 to 4637, and the short position rebounded from 6656 to 8136. Leveraged funds increased their long and short positions simultaneously in the latest statistical period. The logic of position adjustments in the past two weeks lacked continuity and clear judgment. Such accounts are still in a confused state.

The long positions of large accounts decreased from 616 to 546, and the short positions increased from 972 to 1452. Large accounts have made clear net cold adjustments in the latest statistical period. The proportion of long positions has experienced a continuous decline and has now hit a 9-week low. The bearish attitude of such accounts in the short term is becoming increasingly clear.

Retail investors’ long positions increased from 1458 to 1542, and short positions increased from 660 to 793. Retail investors increased their long and short positions simultaneously during the latest statistical period. Since the increase ratio was similar to the previous value, this was an expression of cautious optimism.

Total open interest in Bitcoin micro contracts rose from 7,572 to 8,928.

The long position of dealer accounts remained unchanged at 217, and the value continued to remain at the low point in the past 14 statistical periods. The short position increased from 444 to 1679. This type of account has made a clear net cold adjustment in the micro contract, which is a choice contrary to the standard contract and a classic risk hedging operation.

The long position of the asset management institution account increased from 189 to 336, and the short position decreased from 27 to 26. The asset management institution once again made a clear net long adjustment in the micro contract, consolidating the direction judgment of the adjustment in the standard contract.

The long position of leveraged funds increased from 1681 to 2135, and the short position decreased from 3485 to 3186. Leveraged funds also made a clear net long adjustment in the latest statistical period. While the adjustment direction of such accounts is unclear in standard contracts, micro contracts have revealed some bullish attitudes in advance.

The long positions of large investors increased from 2241 to 2471, and the short positions increased from 1778 to 1949. These accounts increased their long and short positions simultaneously during the latest statistical period, but the adjustment ratios were similar, which did not affect the clear bearish attitude expressed by these accounts in the standard contracts.

Retail long positions increased from 2823 to 3347, while retail short positions increased from 1417 to 1666.