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 | +137,662 | 62 | neutral | +6,896 |
| Silver | +11,158 | 25 | leaning short | -816 |
| Copper | +79,027 | 100 | crowded long | +3,269 |
| WTI Crude | +79,916 | 30 | neutral | -7,042 |
| Natural Gas | -110,630 | 12 | leaning short | +16,303 |
| Euro FX | -60,600 | 1 | crowded short | -8,395 |
| Japanese Yen | -53,070 | 45 | neutral | +7,755 |
| E-mini S&P 500 | -280,446 | 78 | leaning long | +49,553 |
| E-mini Nasdaq 100 | -89,125 | 1 | crowded short | -10,792 |
| 10Y Treasury Note | -2,163,714 | 18 | leaning short | +67,956 |
| Bitcoin | -7,052 | 93 | crowded long | +188 |
| Ether | -3,998 | 56 | neutral | -793 |
| Solana | -2,945 | 77 | leaning long | -832 |
| XRP | -1,352 | 98 | crowded long | +157 |
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
- Copper — Managed Money are net long 79,027 contracts, 100th percentile of the last 3 years (crowded long). Producer/Merchant are at the opposite extreme — classic crowding setup.
- Euro FX — Leveraged Funds are net short 60,600 contracts, 1st percentile of the last 3 years (crowded short).
- E-mini Nasdaq 100 — Leveraged Funds are net short 89,125 contracts, 1st percentile of the last 3 years (crowded short). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
- Bitcoin — Leveraged Funds are net short 7,052 contracts, 93rd percentile of the last 3 years (crowded long).
- XRP — Leveraged Funds are net short 1,352 contracts, 98th percentile of the last 3 years (crowded long). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
The paid edition adds the equity crowding dashboard (short-side flow, put/call, margin leverage) and all fourteen instrument charts, delivered as a PDF the moment it publishes. Get the full letter.
Get the free letter
The weekly positioning summary in your inbox. No trade calls, no spam.
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).