On October 24, the CFTC announced the latest CME Bitcoin Futures Weekly Report (October 14th to October 20th). During the statistical period, BTC continued its upward momentum in the previous statistical period, with almost no significant progress. In the case of a callback, the market continues to rise. From the perspective of price, the market has clearly entered the rhythm of long positions. Therefore, the current position weekly report reflects the response ideas of various accounts under the condition that the market’s upward momentum continues to consolidate.
The total number of positions (total open positions) in the latest data has further increased from 9,353 to 10,896. This value has reached a new high since the week of September 1, and it is also the first time that the total amount exceeds 10,000 in the past one and a half months. Zhang’s position holding performance and the continuous rebound of the market drove the market participation fever.
In terms of sub-data, the large-scale brokers’ long positions have risen from 702 to 874, which is a record high. At the same time, the short positions that were completely cleared in the last statistical period did not appear to be covered in the latest statistical period. This is the first time that a broker’s account has zero positions for two consecutive weeks since June 2019. The recent position adjustment performance of such accounts showed a strong continued bullish attitude.
In the latest statistical cycle, the long position of leveraged fund accounts rose from 3487 to 4558, and the short position increased from 6,314 to 7,741. The long positions of leveraged funds reached a new high in nearly eight weeks, while the short positions reached a new high in nearly nine weeks. . Although short positions are obviously dominant in a sense, it can be interpreted as such accounts are still relatively cautious about the sharp rise in the market, or at least not as strong as the bullish attitude of brokers, but the position data of leveraged funds is short. Relatively dominant does not necessarily mean that such accounts are bearish, because relatively strong risk hedging requirements for investment institutions doom a large number of positions under zero-risk or low-risk hedging, so short positions The quantity greater than the long position only represents the position of the CME single platform, and does not represent the overall position of the leveraged fund.
The significance of such a large increase in the latest statistical cycle is very obvious, which means that the investment of leveraged funds in the BTC market in the latest statistical cycle has increased significantly, or at least at this stage, leveraged funds believe that there are more in the BTC market Opportunities to be tapped.
In terms of large holdings, long positions rose from 1,713 to 1926, and short positions rose from 2,063 to 2,320. The idea of adjusting positions of large accounts in the past few weeks is similar to that of leveraged funds. In the latest statistical cycle, such accounts have also undergone significant simultaneous increase of long and short positions. Therefore, for the interpretation of this type of position adjustment, you can basically refer to the previous article on leverage. Judgment of the idea of fund adjustment.
In terms of retail holdings, long positions rose from 2,961 to 3072, and short positions further dropped from 486 to 369. Retail investors conducted a clear net long position adjustment for the second consecutive week, and the adjustment range in the latest statistical cycle was more impressive than the previous week. However, the performance of this adjustment is basically consistent with the market trend, so it is still obvious “retail trading logic”. “.
Extended reading: What is the CFTC position report? What’s the value? How to interpret it?
