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 | +120,318 | 38 | neutral | -7,071 |
| Silver | +7,614 | 11 | leaning short | -5,695 |
| Copper | +78,058 | 97 | crowded long | -4,464 |
| WTI Crude | +79,592 | 29 | leaning short | -22,236 |
| Natural Gas | -132,799 | 4 | crowded short | -67,252 |
| Euro FX | -39,265 | 9 | crowded short | -12,571 |
| Japanese Yen | -14,161 | 79 | leaning long | -21,584 |
| E-mini S&P 500 | -372,489 | 33 | neutral | +3,085 |
| E-mini Nasdaq 100 | -24,723 | 69 | neutral | +5,960 |
| 10Y Treasury Note | -2,036,432 | 29 | leaning short | -109,485 |
| Bitcoin | -6,856 | 95 | crowded long | +1,097 |
| Ether | -8,083 | 38 | neutral | +2,534 |
| Solana | -3,348 | 60 | neutral | -303 |
| XRP | -423 | 100 | crowded long | +1,182 |
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 78,058 contracts, 97th percentile of the last 3 years (crowded long). Producer/Merchant are at the opposite extreme — classic crowding setup.
- Natural Gas — Managed Money are net short 132,799 contracts, 4th percentile of the last 3 years (crowded short). Unusual week: they cut longs / added shorts by 67,252 (-2.7 sd vs. normal weekly change).
- Euro FX — Leveraged Funds are net short 39,265 contracts, 9th percentile of the last 3 years (crowded short).
- Bitcoin — Leveraged Funds are net short 6,856 contracts, 95th percentile of the last 3 years (crowded long).
- XRP — Leveraged Funds are net short 423 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).