{
  "issue_date": "2026-10-30",
  "title": "FinzData Weekly: Liquidity, Capital Flows & Positioning, October 30, 2026",
  "as_of": {
    "liquidity_cutoff": "2026-10-28",
    "cot_cutoff": "2026-10-26"
  },
  "summary": [
    "Fed net liquidity stands at $5,746bn as of 2026-10-28, falling over past four weeks (−37bn).",
    "Treasury General Account rising over four weeks (+51bn) to $1,000bn.",
    "M2 money supply is 6.7% versus a year ago at $23,508bn.",
    "Most crowded positioning: US 10-year Treasury (Asset managers, index 100) and Euro (Leveraged funds, index 0).",
    "Largest weekly swing in net % of open interest: Russell 2000 (Leveraged funds) at +9.2pp."
  ],
  "notes": {
    "liquidity": "Fed net liquidity is $5,746bn as of 2026-10-28 with four-week change −37bn. Treasury General Account is $1,000bn with four-week change +51bn.",
    "flows": "Net foreign purchases of US long-term securities were $301bn in 2026-08-01 with 12-month total +1,876bn. Net foreign purchases of US Treasuries were $109bn in 2026-08-01 with 12-month total +306bn.",
    "positioning": "US 10-year Treasury Asset managers COT index 100 and Euro Leveraged funds COT index 0 are most crowded. Largest weekly swing is Russell 2000 Leveraged funds +9.2pp."
  },
  "liquidity": [
    {
      "series_id": "FED_NET_LIQUIDITY",
      "label": "Fed net liquidity (assets − TGA − reverse repo)",
      "unit": "$bn",
      "latest": 5745.732,
      "as_of": "2026-10-28",
      "change_1w": -55.63299999999981,
      "change_4w": -37.08600000000024,
      "change_13w": -79.10600000000068,
      "change_1y": 68.20499999999993
    },
    {
      "series_id": "FED_TOTAL_ASSETS",
      "label": "Fed balance sheet",
      "unit": "$bn",
      "latest": 6745.635,
      "as_of": "2026-10-28",
      "change_1w": -7.969000000000051,
      "change_4w": 2.604000000000269,
      "change_13w": 7.444999999999709,
      "change_1y": 156.10199999999986
    },
    {
      "series_id": "TREASURY_GENERAL_ACCOUNT",
      "label": "Treasury General Account",
      "unit": "$bn",
      "latest": 999.727,
      "as_of": "2026-10-28",
      "change_1w": 47.72499999999991,
      "change_4w": 51.053,
      "change_13w": 88.95099999999991,
      "change_1y": 91.726
    },
    {
      "series_id": "ON_REVERSE_REPO",
      "label": "Overnight reverse repo",
      "unit": "$bn",
      "latest": 0.176,
      "as_of": "2026-10-28",
      "change_1w": -0.061,
      "change_4w": -11.363,
      "change_13w": -2.4,
      "change_1y": -13.92
    },
    {
      "series_id": "BANK_RESERVES",
      "label": "Bank reserves",
      "unit": "$bn",
      "latest": 2893.77,
      "as_of": "2026-10-28",
      "change_1w": -68.83699999999999,
      "change_4w": -54.320000000000164,
      "change_13w": -90.80000000000018,
      "change_1y": -39.26700000000028
    },
    {
      "series_id": "US_M2_WEEKLY",
      "label": "M2 money supply (weekly)",
      "unit": "$bn",
      "latest": 23508.0,
      "as_of": "2026-10-05",
      "change_1w": 214.0,
      "change_4w": 167.90000000000146,
      "change_13w": 297.7000000000007,
      "change_1y": 1470.7000000000007,
      "yoy_pct": 6.673685070312609
    },
    {
      "series_id": "US_MMF_TOTAL_ASSETS",
      "label": "Money market fund assets",
      "unit": "$bn",
      "latest": 8441.374,
      "as_of": "2026-04-01",
      "change_1w": 151.8050000000003,
      "change_4w": 151.8050000000003,
      "change_13w": 251.1389999999992,
      "change_1y": 960.1419999999998
    },
    {
      "series_id": "G3_CB_ASSETS_USD",
      "label": "G3 central bank assets (USD)",
      "unit": "$bn",
      "latest": 17523.719487941664,
      "as_of": "2026-09-01",
      "change_1w": -123.80908102036119,
      "change_4w": -123.80908102036119,
      "change_13w": -234.61089337524754,
      "change_1y": -916.8203221909935
    },
    {
      "series_id": "FIN_CONDITIONS_NFCI",
      "label": "Chicago Fed financial conditions (NFCI)",
      "unit": "index",
      "latest": -0.487,
      "as_of": "2026-10-23",
      "change_1w": 0.007000000000000006,
      "change_4w": 0.031000000000000028,
      "change_13w": 0.051000000000000045,
      "change_1y": 0.03300000000000003
    },
    {
      "series_id": "FIN_STRESS_STLFSI",
      "label": "St. Louis Fed financial stress",
      "unit": "index",
      "latest": -0.5837,
      "as_of": "2026-10-23",
      "change_1w": 0.049699999999999966,
      "change_4w": 0.2229,
      "change_13w": 0.24239999999999995,
      "change_1y": -0.22859999999999997
    }
  ],
  "flows": [
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES",
      "label": "Net foreign purchases of US long-term securities",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 300.724,
      "prior_value": 40.616,
      "trailing_12m": 1875.8509999999999,
      "is_holdings": false
    },
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES_TREASURIES",
      "label": "Net foreign purchases of US Treasuries",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 108.908,
      "prior_value": -3.56,
      "trailing_12m": 306.428,
      "is_holdings": false
    },
    {
      "series_id": "TIC_OFFICIAL_NET_PURCHASES_TREASURIES",
      "label": "Foreign official net purchases of Treasuries",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 18.053,
      "prior_value": 25.537,
      "trailing_12m": 9.918999999999993,
      "is_holdings": false
    },
    {
      "series_id": "TIC_FOREIGN_HOLDINGS",
      "label": "Foreign holdings of US Treasuries",
      "unit": "$bn",
      "latest_month": "2026-08-01",
      "value": 39916.341,
      "prior_value": 38826.409,
      "trailing_12m": 5289.743999999999,
      "is_holdings": true
    }
  ],
  "etf_flows": {
    "status": "ok",
    "since": "2006-05-31",
    "days": 5,
    "total_usd_m": -5552.7,
    "by_class": [
      [
        "Credit",
        2036.1
      ],
      [
        "International equity",
        0.0
      ],
      [
        "Gold & metals",
        -103.8
      ],
      [
        "Crypto",
        -175.8
      ],
      [
        "Sector",
        -1075.1
      ],
      [
        "Treasuries",
        -1503.1
      ],
      [
        "US equity",
        -4731.0
      ]
    ],
    "top_in": [
      [
        "IEF",
        "IEF",
        1486.1
      ],
      [
        "LQD",
        "LQD",
        1237.3
      ],
      [
        "HYG",
        "HYG",
        894.9
      ],
      [
        "DIA",
        "DIA",
        416.6
      ],
      [
        "XLK",
        "XLK",
        240.1
      ]
    ],
    "top_out": [
      [
        "SPY",
        "SPY",
        -4622.0
      ],
      [
        "BIL",
        "BIL",
        -2454.3
      ],
      [
        "TLT",
        "TLT",
        -814.8
      ],
      [
        "XLF",
        "XLF",
        -620.5
      ],
      [
        "IWM",
        "IWM",
        -537.6
      ]
    ],
    "funds": [
      "AGG",
      "BIL",
      "DIA",
      "EEM",
      "EFA",
      "ETHA",
      "HYG",
      "IAU",
      "IBIT",
      "IEF",
      "IVV",
      "IWM",
      "LQD",
      "SGOV",
      "SHY",
      "SLV",
      "SPY",
      "TLT",
      "XLE",
      "XLF",
      "XLK",
      "XLV"
    ],
    "universe": 30,
    "last_date": "2026-10-28"
  },
  "crypto_flows": {
    "btc": {
      "week_usd_m": -349.9,
      "w4_usd_m": 110.1,
      "last_date": "2026-10-28",
      "days": 5,
      "top_in": [
        [
          "IBIT",
          33.4
        ],
        [
          "MSBT",
          6.5
        ]
      ],
      "top_out": [
        [
          "FBTC",
          -224.8
        ],
        [
          "ARKB",
          -109.4
        ],
        [
          "GBTC",
          -29.5
        ]
      ]
    },
    "eth": {
      "week_usd_m": -276.4,
      "w4_usd_m": -1346.0,
      "last_date": "2026-10-28",
      "days": 5,
      "top_in": [
        [
          "FETH",
          69.5
        ],
        [
          "MSSE",
          1.8
        ]
      ],
      "top_out": [
        [
          "ETHA",
          -318.3
        ],
        [
          "ETHB",
          -17.2
        ],
        [
          "ETHE",
          -9.6
        ]
      ]
    },
    "stablecoins": {
      "as_of": "2026-10-28",
      "supply_usd_bn": 301.6,
      "chg_7d_usd_bn": -1.94,
      "chg_28d_usd_bn": -4.71
    }
  },
  "positioning": [
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 904019.0,
      "net_pct_oi": 46.24211432508648,
      "ww_net": -14078.0,
      "ww_pp": -0.8867669801737321,
      "cot_index": 59.623130524304436,
      "percentile": 92.97423887587821,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -372869.0,
      "net_pct_oi": -19.072885554707007,
      "ww_net": 37649.0,
      "ww_pp": 2.000327946342246,
      "cot_index": 44.54792176760376,
      "percentile": 7.845433255269321,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 78767.0,
      "net_pct_oi": 27.55227681351047,
      "ww_net": 2365.0,
      "ww_pp": 1.6336131502543019,
      "cot_index": 67.9103239141258,
      "percentile": 73.53629976580797,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -7688.0,
      "net_pct_oi": -2.689221427022338,
      "ww_net": 14203.0,
      "ww_pp": 4.737095505156672,
      "cot_index": 79.93258117776554,
      "percentile": 48.36065573770492,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "239742",
      "market": "Russell 2000",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 30960.0,
      "net_pct_oi": 6.632547039454657,
      "ww_net": 1432.0,
      "ww_pp": -0.006180972344328239,
      "cot_index": 26.32433694339278,
      "percentile": 47.083333333333336,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "239742",
      "market": "Russell 2000",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -53035.0,
      "net_pct_oi": -11.361664477954708,
      "ww_net": 38612.0,
      "ww_pp": 9.24316842970384,
      "cot_index": 47.334756372284716,
      "percentile": 33.958333333333336,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "1170E1",
      "market": "VIX",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": -57459.0,
      "net_pct_oi": -13.24617661568821,
      "ww_net": 19836.0,
      "ww_pp": 3.989128388671066,
      "cot_index": 19.68226173880521,
      "percentile": 0.6841505131128849,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "1170E1",
      "market": "VIX",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -20890.0,
      "net_pct_oi": -4.815827450908068,
      "ww_net": -21995.0,
      "ww_pp": -5.062221293068841,
      "cot_index": 73.18863681403424,
      "percentile": 84.94868871151654,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "042601",
      "market": "US 2-year Treasury",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 1723580.0,
      "net_pct_oi": 38.01815390119621,
      "ww_net": -72286.0,
      "ww_pp": -1.4154356158885264,
      "cot_index": 40.398725812463994,
      "percentile": 84.6066134549601,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "042601",
      "market": "US 2-year Treasury",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -1285548.0,
      "net_pct_oi": -28.356189855634774,
      "ww_net": 81860.0,
      "ww_pp": 1.6693275127979526,
      "cot_index": 92.16663074319655,
      "percentile": 28.734321550741164,
      "flag": "Crowded long",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "043602",
      "market": "US 10-year Treasury",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 2925416.0,
      "net_pct_oi": 49.85120891161743,
      "ww_net": 26854.0,
      "ww_pp": 0.04356180993605108,
      "cot_index": 100.0,
      "percentile": 100.0,
      "flag": "Crowded long",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "043602",
      "market": "US 10-year Treasury",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -2107224.0,
      "net_pct_oi": -35.908624225605564,
      "ww_net": 98713.0,
      "ww_pp": 1.997251731003857,
      "cot_index": 29.109058167443557,
      "percentile": 10.034207525655644,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "020601",
      "market": "US Treasury bond",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 388007.0,
      "net_pct_oi": 21.731523077845058,
      "ww_net": -3527.0,
      "ww_pp": 0.5643994969058177,
      "cot_index": 5.811431644586296,
      "percentile": 39.11060433295325,
      "flag": "Crowded short",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "020601",
      "market": "US Treasury bond",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -162757.0,
      "net_pct_oi": -9.11570539083271,
      "ww_net": -8737.0,
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      "cot_index": 98.01935532135319,
      "percentile": 56.89851767388826,
      "flag": "Crowded long",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "134741",
      "market": "SOFR 3-month",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": -231610.0,
      "net_pct_oi": -1.7840783734283014,
      "ww_net": 235309.0,
      "ww_pp": 1.8274641697243565,
      "cot_index": 35.794865891562104,
      "percentile": 39.30232558139535,
      "flag": "",
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    },
    {
      "report": "tff_fo",
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      "market": "SOFR 3-month",
      "group": "Leveraged funds",
      "group_key": "lev_money",
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      "net_pct_oi": -18.279389246061466,
      "ww_net": -127533.0,
      "ww_pp": -0.9107577244333136,
      "cot_index": 13.073765601672209,
      "percentile": 5.348837209302325,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "099741",
      "market": "Euro",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 190421.0,
      "net_pct_oi": 21.68952320204114,
      "ww_net": -9497.0,
      "ww_pp": -1.1702398050677303,
      "cot_index": 15.224456323654477,
      "percentile": 44.697833523375145,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "099741",
      "market": "Euro",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -68840.0,
      "net_pct_oi": -7.841082534113949,
      "ww_net": -839.0,
      "ww_pp": -0.06546080797417897,
      "cot_index": 0.0,
      "percentile": 43.10148232611174,
      "flag": "Crowded short",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "097741",
      "market": "Japanese yen",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 79103.0,
      "net_pct_oi": 20.863741985171742,
      "ww_net": 13284.0,
      "ww_pp": 3.2416141250799626,
      "cot_index": 78.80788875153424,
      "percentile": 78.44925883694413,
      "flag": "",
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    },
    {
      "report": "tff_fo",
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      "group": "Leveraged funds",
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      "percentile": 64.5381984036488,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "096742",
      "market": "British pound",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": -134621.0,
      "net_pct_oi": -52.98787687947729,
      "ww_net": 11114.0,
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      "percentile": 0.34207525655644244,
      "flag": "",
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    },
    {
      "report": "tff_fo",
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      "market": "British pound",
      "group": "Leveraged funds",
      "group_key": "lev_money",
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      "net_pct_oi": 9.487522632449028,
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      "ww_pp": 5.64701200429298,
      "cot_index": 37.97817937436339,
      "percentile": 56.78449258836944,
      "flag": "",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "133741",
      "market": "Bitcoin (CME)",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 2999.0,
      "net_pct_oi": 14.253802281368822,
      "ww_net": -643.0,
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      "percentile": 44.61883408071749,
      "flag": "Crowded short",
      "as_of": "2026-10-20"
    },
    {
      "report": "tff_fo",
      "code": "133741",
      "market": "Bitcoin (CME)",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -4942.0,
      "net_pct_oi": -23.488593155893536,
      "ww_net": 902.0,
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      "percentile": 72.86995515695067,
      "flag": "Crowded long",
      "as_of": "2026-10-20"
    },
    {
      "report": "disagg_fo",
      "code": "067651",
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