Ordinary futures, a financial derivative, is mainly used as spot hedging disk to achieve hedging.

Take Bitcoin as an example. Miners have a car full of Bitcoin, but they are worried that the spot price of Bitcoin will fall in the future. For example, in three months, they can open a quarterly short contract in the futures market to hedge. After this expires, the price of bitcoin really falls, so this part of the proceeds of the futures contract can wash away the loss of bitcoin in hand.

So generally speaking, miners are big bears in bitcoin futures.

However, there are many perpetual contracts for bitcoin futures, and more people still value the speculative nature of futures trading. For example, the popular BaseFEX supports 0- 100 times leverage.

Of course, in the long run, after Bitcoin has a futures market, it can be empty, so the spot price will be more rational, and the fluctuation range is estimated to be less and less.