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You can make a killing on bonds if rates trend lower.
Say I spend 10,000 on 5 year bonds at 4%. If rates decline to 2% you win the the scratch off lottery,. You have 10k in 5 year 4% bonds. Everybody else has to buy the 5 years at 2%. If you elect to sell you will get significantly more than 10k for your 4% bond. So people go long if they expect lower rates are approaching.
You get killed on bonds in a rising rate innvironment. You paid 10k for a 4% 5 year bond. If rates go up to 6% you are holding a 4% bond when new issues are going for 6%. You can hold on to your low rate bonds or sell them to buy the 6%. Nobody will give you your full ten grand for your crappy 4% yield when they can buy 6% for the same 10 grand.
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