On August 29, the CFTC announced the latest CME Bitcoin Futures Weekly Report (August 19-August 25). During the latest statistical period, BTC experienced a sharp correction of nearly $1,000, which is the increase achieved in the previous wave of rebound Almost all took back, and the continued acceleration during the decline shows that the market has already experienced a phased panic gathering. The market at the end of the statistical cycle has once again come to the low level since August 5, which was touched not long ago. Point near the location.
The total number of positions (the total number of open positions) in the latest data has dropped sharply from the historical high of 14,454 to 11,615. This value hit a new low since the end of July. The rapid correction of short-term market led to a relatively concentrated sharp reduction in the market. It is not surprising that this kind of market performance led to such lightening operations under risk control.
In terms of sub-data, the large-scale brokers held 296 long positions without adjustment, and the short positions dropped sharply from 585 to one. After the short position of large institutions reached a value of 0 in the week of May 5, it also appeared in the latest statistical cycle. This data is obtained from almost all positions at the highest level in history. The rather aggressive adjustment of positions deserves great attention.
As mentioned above, it is not difficult to understand the risk control of the market to lighten up the market during the rapid market correction, but the conventional logic should be based on the reduction of long positions that are contrary to the market. Large institutions almost do not change their long positions. The closing of all short positions is to some extent a decisive “profit settlement” process, and the market is not optimistic about further declines in the future. At least from the perspective of the latest period of repositioning, the confidence of large institutions in the market has quickly returned. In the short term, this short-term stay-long deduction is an extremely confident performance in the rebound of the market outlook.
In the latest statistical cycle, the long position of the leveraged fund account further dropped from 5760 to 4839, and the short position fell from the historical high of 8590 to 6148. The long and short two-way positions of leveraged funds have dropped significantly after hitting historical highs in the past two weeks or so. However, it is worth noting the extent of the reduction of short positions in the environment of simultaneous two-way reduction of such accounts in the latest statistical cycle. Equally bigger, this kind of performance is somewhat similar to the idea expressed by brokers in extreme adjustments, which shows that leveraged funds are also relatively optimistic about the market outlook.
In terms of large positions, long positions fell from 2,776 to 1957, and short positions further dropped from 2,427 to 2,345. Although large accounts and leveraged funds have also carried out long and short two-way reductions, the reduction of long and short holdings for this type of account is significantly greater, which is closer to the kind of adjustment logic that Wenchu ​​made when he only observed the market performance when he was conventionally speculated. The actions performed next belong to the conventional risk control logic in the process of market decline.
In terms of retail holdings, long positions fell from 3885 to 3197, and short positions rose sharply from 535 to 1215. Compared with the risk control adjustment of large accounts, retail investors reacted more aggressively to the rapid decline in the market, and directly carried out a very clear net air-conditioning warehouse, and the short position holdings of such accounts have greatly refreshed the existing The historical high level of, shows that the real panic is actually mainly concentrated in retail investors.
Extended reading: What is the CFTC position report? What’s the value? How to interpret it?
