New York Fed's SOFR repurchase trading volume decreases, and US Treasury futures holdings do not show a unanimous withdrawal

According to data from the New York Federal Reserve, on August 28th, the trading volume of SOFR underlying overnight repurchases dropped to $2.808 trillion, a decrease of about 20% from the high of $3.508 trillion on January 2nd, and a year-on-year decrease of 2.2%. The SOFR interest rate is 3.65%, and the 99th percentile is 3.73%. As of August 25th, CFTC data showed that the short positions of 10-year US Treasury futures in leveraged funds decreased by about 130000, and the short positions of 5-year futures increased by about 72000. The decrease in SOFR trading volume is not enough to prove the comprehensive liquidation of basis trading or the rapid withdrawal of demand for US bonds.