Leveraged funds have sharply increased short positions on Nasdaq 100 futures to $75B while cutting longs to $18B, signaling a bearish reversal on US tech.
Macro & Markets ·
Leveraged funds have raised short positions on Nasdaq 100 futures to approximately $75 billion, near their highest level in at least four years, while simultaneously reducing long positions to around $18 billion—their lowest since mid-2025. Short positioning has more than doubled since February, and net positioning among leveraged funds has declined to negative $57 billion, close to its lowest point since at least 2022. This represents a significant shift from the positive net positioning seen in November 2025, indicating a broad bearish turn among leveraged traders toward US technology stocks.