First, the general investment and financial risks related to futures trading. Bitcoin futures contracts naturally have all the risk characteristics of derivatives, including investors' knowledge threshold, risks brought by highly leveraged futures investment, extremely high volatility leverage related to bitcoin prices, rolling margin and settlement risks, and market order risks.

Second, the risks associated with the bitcoin contract mechanism. 12B22 exchange rate risk. The contract value of Bitcoin based on BR may be quite different from the public quotation of Bitcoin. After all, as a futures bitcoin, it reflects the expected value of BR at a certain moment in the future. Uncertainty of risk exposure. As Bitcoin is a new product, it is uncertain to what extent it may provide exposure to bitcoin price changes.

Third, the risk of component exchange. Different jurisdictions in the world have their own bitcoin and other cryptocurrency exchanges. The exchange's pricing of bitcoin is different based on the domestic market situation of cryptocurrency transactions, which may lead to price risk.

Fourth, as a specific risk of alternative investment. Bitcoin, as a special underlying asset of investment products, is a kind of digital currency and a virtual asset. It has not been officially recognized by most governments around the world, and there may be risks of unpredictable price fluctuations.

Fifth, liquidity risk, counterparty risk, trading time and price limit risk, without insurance loss risk.