September 30 reporting puts hedge funds’ cash Treasury holdings at roughly $2 trillion at the end of 2025, or 7% of the market. That stock is different from a directional bet: funds can hold cash bonds against futures positions. A separate report on crowded Treasury futures shorts notes that asset managers added more than 100,000 ten-year short contracts in the week ended September 22. That category should not be silently relabeled hedge funds. Positioning may create squeeze exposure, but hedged positions cannot be read as uniform bearish conviction. Cash holdings report · Separate futures positioning report.