Capital migration and supply pressure have a dual impact, causing a sudden drop in the trading fever of ultra-long term government bond futures.

The 30-year Treasury futures, which were once highly sought after and created wealth myths in the bond market, are now experiencing a sharp decline in popularity. Since mid-July, stock market and commodity trading volumes have increased, risk appetite has quickly rebounded, and the bond market as a whole is under pressure, especially with the active trading volume of ultra-long-term Treasury futures contracts noticeably decreasing. Industry insiders believe that if stock market sentiment cools down or rate cut expectations increase, long-term bonds may experience a temporary rebound. However, with the background of rising local government bond supply and weak institutional buying, the bond market as a whole may still maintain a volatile pattern.