There must be long positions and short positions.

Because there must be a buyer to sell the bill and a seller to pay the bill.

So for example, holding 200,000 lots is 6,543,800 bulls and 6,543,800 bears, that's right.

For example, if there are only two participants in the market, A sells 6,543,800 lots and B buys 6,543,800 lots, then the total market position is 200,000 lots.

If C wants to buy 6.5438 million lots, but A and B don't sell them, then the transaction is not established and the position remains unchanged.

If C wants to buy 65,438+10,000 lots and D sells 65,438+10,000 lots, the total position will increase from 200,000 lots to 400,000 lots.

If A buys long positions at this time, closes positions and D sells 6,543,800 lots, then the total position is still 400,000, and the total position has not increased or decreased, which is also called changing hands.