Over the past month, the open interest in Bitcoin futures on Chinese-related exchanges has shown a significant increase. The underlying logic is quite interesting—since last month, the actions of large traders have become more frequent. They first pushed the price down, then heavily increased long positions at the low levels. This pattern of smashing the market first and then building positions is all too familiar. From the position data, the intention behind this move is clear: to shake out retail investors' chips by creating a decline, and then deploy at even lower levels. So far, this plan seems to be progressing well, as bullish enthusiasm for BTC futures is gradually accumulating.