Speculators increased their net short position in CBOT US 5-year Treasury futures by 246,314 contracts in the week of November 3, 2026, according to the latest Commodity Futures Trading Commission (CFTC) Commitments of Traders (COT) report. The total net short position reached 1,275,370 contracts, the largest net short across all positions in the report.
Treasury Curve Shows Divergent Moves
The report, which covers equity index futures, Treasury futures on the CBOT and CME, and CME Bitcoin futures, showed that speculators reduced net shorts in four of the five Treasury contracts even as they sharply increased bearish positioning at the 5-year maturity.
- 5-year: Increased by 246,314 contracts to 1,275,370
- 2-year: Trimmed by 6,932 contracts to 1,002,544
- 10-year: Trimmed by 19,179 contracts to 962,359
- UltraBond: Trimmed by 21,646 contracts to 361,932
- Treasury bonds: Trimmed by 10,041 contracts to 9,097
The reduction in the Treasury bonds net short was larger than the remaining position, cutting that net short by more than half in a single week.
Equity Speculators Reduce S&P 500 Short
Equity fund speculators cut their S&P 500 CME net short position by 27,501 contracts, leaving it at 345,246. Equity fund managers barely adjusted their positioning, raising their net long by 55 contracts to 917,568.
The split between the two groups is notable: speculators remain net short, while managers hold a much larger net long. The research summary attached to the data interpreted the reduction in the speculators' short as a potential shift toward equities, though trimming a short does not necessarily indicate bullish sentiment—it can reflect profit-taking, risk reduction, or fatigue with waiting for a decline.
Bitcoin Futures Hold Modest Net Long
The net long position in CME Bitcoin futures stood at 2,230 contracts for the week. The research summary described this modest long as a sign of stabilization for digital assets. The COT figures reflect positions reported to a US regulator.
About the COT Report
The Commitments of Traders report is published weekly and reflects positions as of the report date, meaning it lags real-time trading. The research summary linked this week's shifts to expectations for Federal Reserve policy on interest rates and inflation.
Overall, the data shows equity bears easing off, bond bears concentrating at the 5-year maturity, and Bitcoin futures traders leaning long.
