PANews reported on April 7 that Glassnode data showed that the volume of open contracts for Bitcoin futures reached $34.5 billion. Despite a brief rebound from a low of $33.8 billion on April 3, the overall downward trend has not changed. Futures positions continue to close as traders reduce risks due to declining price momentum. Since March 25, the volume of open contracts for both cash and cryptocurrency collateral has declined. The volume of cash-collateralized open contracts fell from $30.3 billion to $27.4 billion. The volume of cryptocurrency-collateralized open contracts fell from $7.5 billion to $6.9 billion, but began to rise again in the past 48 hours, suggesting that more speculative participants are starting to take risks again. Cryptocurrency-collateralized Bitcoin futures contracts currently account for 20.5% of the total open interest, up from 18.9% on April 5. The increase in the proportion of cryptocurrency collateral leverage may make the market more sensitive to price fluctuations and amplify fluctuations as positions become more sensitive.