The short US bond trade is very crowded: Short interest in the popular Treasury bond-tracking ETF, $TLT, is up to a record 150.5 million shares. This is 10 TIMES above levels seen in March 2023, which stood at ~15 million shares. Short interest has TRIPLED since 2024 despite the $TLT price remaining flat over this period. Long-term Treasuries have been in a bear market for nearly 6 years now. Since April 2020, $TLT has declined -40%, with the biggest drawdown reaching -47% in October 2023. Long-term bonds are more hated than ever.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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