The futures index fell because of the increase in short positions. Mainly short positions hedged by large institutions based on stock positions and expected stock declines.
Why did the futures index fall?
Mainly the heavyweights of the Shanghai and Shenzhen 300 are mostly held by large institutions. These institutions generally increase short positions in index futures while reducing stock positions, which leads to the decline of the market.
For large institutions, using futures index to hedge, on the one hand, reducing stocks in the stock market can reduce stock losses, on the other hand, shorting futures index can also generate certain income and offset certain risks.