Crypto

Commercials are the companies with a reason to be in the market anyway: a miner selling forward, an airline buying fuel, a bank hedging a book of stock. Large speculators are the funds. Small speculators are everybody too small to have to report.

The three sum to zero every week, so when one group leans hard, some other group is holding the opposite side. A large speculator net short in stock index futures is often a hedge against shares held elsewhere, not a bet the market falls.

This page adds up every market in the category. Contracts are not the same size across markets, so the total shows which way the group is leaning rather than an amount of money.