In terms of BTC futures, asset management (blue) positions continue to hit record highs, retail investors (purple + red) have turned net short last week, market makers (gray) have net short positions hitting a new high since February this year, and leverage funds (green) have net short positions. The head count has decreased but remains at a high level. We have previously analyzed that most of the increase in asset management positions was contributed by BTC futures ETFs, so it can be seen that players in the futures market other than ETFs are not actively doing long BTC. Historically, the behavior pattern of leveraged funds operating against the trend is very obvious. They always reduce their positions when they rise and increase their positions when they fall. Since players outside of ETFs have obvious short positions, on the one hand you can understand that these people think the market may have peaked. But if their judgment is wrong, the motivation for subsequent short covering is bound to be stronger.