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 | +105,562 | 24 | leaning short | +1,356 |
| Silver | +3,321 | 4 | crowded short | -184 |
| Copper | +40,575 | 56 | neutral | -7,115 |
| WTI Crude | +31,128 | 13 | leaning short | -5,059 |
| Natural Gas | -206,317 | 1 | crowded short | -48,908 |
| Euro FX | -71,574 | 1 | crowded short | -2,734 |
| Japanese Yen | -14,630 | 78 | leaning long | +8,260 |
| E-mini S&P 500 | -400,604 | 28 | leaning short | -29,359 |
| E-mini Nasdaq 100 | +2,301 | 95 | crowded long | +1,351 |
| 10Y Treasury Note | -2,227,275 | 17 | leaning short | -120,051 |
| Bitcoin | -3,979 | 100 | crowded long | +963 |
| Ether | -4,025 | 63 | neutral | +1,103 |
| Solana | -2,091 | 93 | crowded long | +727 |
| XRP | +432 | 100 | crowded long | +159 |
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 3,321 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 206,317 contracts, 1st percentile of the last 3 years (crowded short).
- Euro FX — Leveraged Funds are net short 71,574 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 2,301 contracts, 95th percentile of the last 3 years (crowded long).
- Bitcoin — Leveraged Funds are net short 3,979 contracts, 100th percentile of the last 3 years (crowded long).
- Solana — Leveraged Funds are net short 2,091 contracts, 93rd percentile of the last 3 years (crowded long). Dealer/Intermediary are at the opposite extreme — classic crowding setup.
- XRP — Leveraged Funds are net long 432 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).