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 | +133,116 | 53 | neutral | -1,856 |
| Silver | +13,124 | 31 | neutral | -1,262 |
| Copper | +65,106 | 87 | leaning long | -17,048 |
| WTI Crude | +106,279 | 56 | neutral | -5,452 |
| Natural Gas | -100,205 | 21 | leaning short | -3,463 |
| Euro FX | -28,156 | 17 | leaning short | +5,129 |
| Japanese Yen | +23,170 | 97 | crowded long | +72,268 |
| E-mini S&P 500 | -293,143 | 72 | leaning long | +47,961 |
| E-mini Nasdaq 100 | -6,387 | 90 | leaning long | +25,485 |
| 10Y Treasury Note | -1,868,126 | 54 | neutral | +70,628 |
| Bitcoin | -6,354 | 97 | crowded long | +1,538 |
| Ether | -7,722 | 39 | neutral | -436 |
| Solana | -1,824 | 95 | crowded long | +371 |
| XRP | -719 | 100 | crowded long | +926 |
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
- Japanese Yen — Leveraged Funds are net long 23,170 contracts, 97th percentile of the last 3 years (crowded long). Unusual week: they added to longs by 72,268 (+5.2 sd vs. normal weekly change).
- Bitcoin — Leveraged Funds are net short 6,354 contracts, 97th percentile of the last 3 years (crowded long).
- Solana — Leveraged Funds are net short 1,824 contracts, 95th percentile of the last 3 years (crowded long). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
- XRP — Leveraged Funds are net short 719 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).