Each week we rank speculative net positioning — Managed Money in commodities, Leveraged Funds in financials — against its own trailing three years. A high percentile means the bullish bet is crowded; a low one, the bearish bet. Positioning is a crowding and context gauge, not a timing signal.
| Instrument | Spec net | Pctile | State | 1w change |
|---|---|---|---|---|
| Gold | +110,987 | 33 | neutral | -9,331 |
| Silver | +7,528 | 10 | leaning short | -86 |
| Copper | +61,134 | 78 | leaning long | -16,924 |
| WTI Crude | +53,598 | 17 | leaning short | -25,994 |
| Natural Gas | -144,537 | 2 | crowded short | -11,738 |
| Euro FX | -44,261 | 6 | crowded short | -4,996 |
| Japanese Yen | -25,043 | 72 | leaning long | -10,882 |
| E-mini S&P 500 | -415,087 | 21 | leaning short | -42,598 |
| E-mini Nasdaq 100 | -19,212 | 74 | leaning long | +5,511 |
| 10Y Treasury Note | -2,139,785 | 21 | leaning short | -103,353 |
| Bitcoin | -6,852 | 95 | crowded long | +4 |
| Ether | -7,949 | 39 | neutral | +134 |
| Solana | -3,574 | 59 | neutral | -226 |
| XRP | -433 | 98 | crowded long | -10 |
Spec net = speculative long minus short contracts. Pctile = rank of that net within its trailing 3 years (0 = most short, 100 = most long). Green states = positioned long, red = positioned short; darker = more crowded. New to positioning data? How to read this report.
At an extreme
- Natural Gas — Managed Money are net short 144,537 contracts, 2nd percentile of the last 3 years (crowded short).
- Euro FX — Leveraged Funds are net short 44,261 contracts, 6th percentile of the last 3 years (crowded short). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
- Bitcoin — Leveraged Funds are net short 6,852 contracts, 95th percentile of the last 3 years (crowded long).
- XRP — Leveraged Funds are net short 433 contracts, 98th percentile of the last 3 years (crowded long). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
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Positioning data describes what large traders held as of the report date, published with a lag. It is a crowding and context gauge, not a trade recommendation. Nothing here is investment advice. Source: CFTC (public domain).