According to Foresight News, the latest CFTC CME Bitcoin holdings weekly report (September 27 - October 3) shows that the total holdings of Bitcoin standard contracts have declined from 14,844 to 14,447. This marks the second consecutive week of decline and a new low for the past 16 statistical cycles. However, the change compared to the previous statistical cycle is not significant, indicating that the market has entered a new stable phase. The key focus of this week's report is whether there have been any changes in the market during the latest statistical cycle, as various account types turned bearish in the previous cycle.
The largest dealer accounts saw long positions decline from 433 to 427, while short positions increased significantly from 1,859 to 2,898, reaching a new high for the past six weeks. These accounts have clearly made net short adjustments during the latest statistical cycle, expressing a strong bearish attitude towards the market. Asset management institutions increased their long positions from 7,168 to 7,336 and reduced their short positions from 1,093 to 623, indicating a clear net long operation during the latest statistical cycle. This contrasts with the net short adjustment strategy adopted in the previous cycle.
Leveraged funds increased their long positions from 1,594 to 2,373 and their short positions from 8,220 to 8,565, showing a simultaneous increase in both directions during the latest statistical cycle. However, it is worth noting that after this round of adjustments, the proportion of long positions has increased significantly and reached a new high for the past eight weeks. Large accounts increased their long positions from 1,852 to 1,941 and their short positions from 114 to 410, ending the trend of no change in the past two weeks and directly reaching a 12-week high. Although the proportion of long positions in large accounts remains relatively high, the overall adjustment during the latest statistical cycle is bearish, continuing the adjustment strategy of the previous cycle.
The total holdings of Bitcoin micro-contracts declined from 8,690 to 6,193. Dealer accounts increased their long positions from 338 to 368 and reduced their short positions from 435 to 146, indicating a net long adjustment in micro-contracts, which is a classic risk hedging operation. Asset management institutions reduced their long positions from 319 to 273 and increased their short positions from 806 to 1,120, indicating a net short adjustment in micro-contracts, which is also a risk hedging operation when combined with standard contract adjustments.
