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 | +141,648 | 62 | neutral | +3,986 |
| Silver | +11,695 | 29 | leaning short | +537 |
| Copper | +78,648 | 99 | crowded long | -379 |
| WTI Crude | +87,479 | 36 | neutral | +7,563 |
| Natural Gas | -100,080 | 21 | leaning short | +10,550 |
| Euro FX | -57,716 | 2 | crowded short | +2,884 |
| Japanese Yen | -67,971 | 27 | leaning short | -14,901 |
| E-mini S&P 500 | -281,402 | 78 | leaning long | -956 |
| E-mini Nasdaq 100 | -61,771 | 5 | crowded short | +27,354 |
| 10Y Treasury Note | -2,229,013 | 17 | leaning short | -65,299 |
| Bitcoin | -7,439 | 90 | leaning long | -387 |
| Ether | -4,395 | 54 | neutral | -397 |
| Solana | -3,144 | 70 | leaning long | -199 |
| XRP | -1,147 | 100 | crowded long | +205 |
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 78,648 contracts, 99th 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 57,716 contracts, 2nd percentile of the last 3 years (crowded short).
- E-mini Nasdaq 100 — Leveraged Funds are net short 61,771 contracts, 5th percentile of the last 3 years (crowded short). Unusual week: they added to longs by 27,354 (+2.5 sd vs. normal weekly change).
- XRP — Leveraged Funds are net short 1,147 contracts, 100th 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).