Long position: long position refers to the buyer who buys the option contract. Long-term holders have the right to buy or sell basic assets and hope that the price of basic assets will develop in their favor. The goal of bulls is to profit from the ups and downs of option contracts.

Short position: Short position refers to the seller who sells the option contract. Bears bear the obligation to sell or buy the underlying assets, hoping that the price of the underlying assets will develop in a direction that is unfavorable to them. The goal of a bear is to profit from the decline or rise of an option contract.

The difference between bulls and bears lies in their positions and interests:

Bulls: Bulls want the underlying asset price to rise. If it is a call option, the bulls hope that the underlying asset price will rise above the exercise price, so as to exercise at maturity and make a profit. If it is a put option, the bulls hope that the underlying asset price will fall, because they will not exercise the option and only lose a premium.

Bears: Bears want the underlying asset price to fall. If it is a call option, the bearish hopes that the underlying asset price will fall, so that the option will not be exercised when it expires, and the premium received will be regarded as profit. If it is a put option, bears hope that the underlying asset price will rise above the exercise price, because they need to fulfill the contract and buy the underlying asset at the exercise price, resulting in losses.