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 | +104,206 | 24 | leaning short | -2,883 |
| Silver | +3,505 | 4 | crowded short | -2,114 |
| Copper | +47,690 | 63 | neutral | -13,368 |
| WTI Crude | +36,187 | 13 | leaning short | -4,387 |
| Natural Gas | -157,409 | 1 | crowded short | -30,928 |
| Euro FX | -68,840 | 1 | crowded short | -839 |
| Japanese Yen | -22,890 | 74 | leaning long | +10,783 |
| E-mini S&P 500 | -371,245 | 36 | neutral | +37,481 |
| E-mini Nasdaq 100 | +950 | 94 | crowded long | +12,543 |
| 10Y Treasury Note | -2,107,224 | 23 | leaning short | +98,713 |
| Bitcoin | -4,942 | 100 | crowded long | +902 |
| Ether | -5,128 | 55 | neutral | +1,155 |
| Solana | -2,818 | 76 | leaning long | -220 |
| XRP | +273 | 100 | crowded long | +318 |
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
- Silver — Managed Money are net long 3,505 contracts, 4th percentile of the last 3 years (crowded short). Producer/Merchant are at the opposite extreme — classic crowding setup.
- Natural Gas — Managed Money are net short 157,409 contracts, 1st percentile of the last 3 years (crowded short).
- Euro FX — Leveraged Funds are net short 68,840 contracts, 1st percentile of the last 3 years (crowded short). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
- E-mini Nasdaq 100 — Leveraged Funds are net long 950 contracts, 94th percentile of the last 3 years (crowded long). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
- Bitcoin — Leveraged Funds are net short 4,942 contracts, 100th percentile of the last 3 years (crowded long).
- XRP — Leveraged Funds are net long 273 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).