According to The Block, the CFTC's weekly COT report shows that the nominal value of the CFTC-regulated bitcoin futures (the sum of the historical values of CME and CBOE) has soared more than 270% since the first quarter, while the price of bitcoin has risen. 150%. According to the analysis, at a high level, it is speculators and smaller traders who do not need to report, that is, retail investors (75% of non-commercial traders) drive the volume of transactions. Those who are classified as "commercial" traders, usually those who use futures for hedging purposes (usually for the input cost of commodities), continue to occupy an unimportant part. It is worth noting that the total number of bitcoin futures traders (in other words, true “institutional” traders) reported by the CFTC is still close to half of a year ago, and currently there are fewer than 50. In addition, the four largest short-selling institutions last week accounted for 75% of the total unpaid nominal value, a record high.