CFTC: Speculators Cut Net Shorts on 10-Year Treasury Futures to 962,359

The across-the-board reduction in net shorts across 10-year, 2-year and ultra-long Treasury futures points to a broader unwind of bearish duration positioning, but the sharp build in 5-year net shorts shows the move is not uniform — speculators appear to be rotating exposure along the curve rather than abandoning the short trade outright. For rates-sensitive crypto and RWA markets, the signal matters less as a directional call than as evidence of positioning churn ahead of data. Whether the 5-year build continues while longer-dated shorts keep shrinking is the open question.