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 | +136,771 | 58 | neutral | -7,976 |
| Silver | +12,598 | 31 | neutral | -1,475 |
| Copper | +72,882 | 94 | crowded long | -3,389 |
| WTI Crude | +94,281 | 42 | neutral | +10,261 |
| Natural Gas | -89,481 | 24 | leaning short | -17,808 |
| Euro FX | -38,173 | 10 | leaning short | +186 |
| Japanese Yen | -102,188 | 5 | crowded short | -25,146 |
| E-mini S&P 500 | -317,564 | 62 | neutral | -2,360 |
| E-mini Nasdaq 100 | -14,092 | 82 | leaning long | +27,140 |
| 10Y Treasury Note | -2,062,502 | 26 | leaning short | +71,837 |
| Bitcoin | -7,620 | 88 | leaning long | +469 |
| Ether | -5,325 | 50 | neutral | +3,060 |
| Solana | -2,546 | 83 | leaning long | +1,787 |
| XRP | -1,422 | 95 | crowded long | +894 |
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 72,882 contracts, 94th percentile of the last 3 years (crowded long). Producer/Merchant are at the opposite extreme — classic crowding setup.
- Japanese Yen — Leveraged Funds are net short 102,188 contracts, 5th percentile of the last 3 years (crowded short). Unusual week: they cut longs / added shorts by 25,146 (-2.1 sd vs. normal weekly change).
- XRP — Leveraged Funds are net short 1,422 contracts, 95th 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).