Positioning

CFTC leveraged-funds (hedge-fund) net Treasury-futures positioning by tenor (2y/5y/10y/30y).

How Net = long − short from the CFTC Traders-in-Financial-Futures report, 8-week smoothed, 3-year rolling z-score (σ).Source CFTC

How to read An extreme net-short reading = heavy crowding — the research-standard rates-crowding measure.

Descriptive: report net-short by tenor vs history — NOT 'the basis trade' (the Fed cautions that inference overstates it).