In this week's Bitcoin Futures COT report, the long position of the Dealer account was basically the same as last week, indicating that the short-term factors in the market still dominate. The large long position of the Asset Manager fell from 260 to 188, and the short position rose from 86 to 149. This rise and fall reflects the decline of long-term forces and the increase in short-selling power. The long-term ratio of the agency continued to fall from 3.02 in the previous week, which was 1.26 this week. On the whole, the market is moving in and out, and the short-selling factor is now strengthening. Since the end of October, the news has been gradually digested, and short-term bitcoin may continue to pull back, and the probability of a sharp rise is not large.