{
  "issue_date": "2026-11-13",
  "title": "FinzData Weekly: Liquidity, Capital Flows & Positioning, November 13, 2026",
  "as_of": {
    "liquidity_cutoff": "2026-11-11",
    "cot_cutoff": "2026-11-09"
  },
  "summary": [
    "Fed net liquidity stands at $5,844bn as of 2026-11-11, falling over the past four weeks (−28bn).",
    "The Treasury General Account is rising over four weeks (+31bn) to $914bn.",
    "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 (Asset managers, index 0).",
    "Largest weekly swing in net % of open interest: Soybeans (Managed money) at −4.9pp."
  ],
  "notes": {
    "liquidity": "Fed net liquidity is $5,844bn as of 2026-11-11 with four-week change −28bn. Treasury General Account is $914bn with four-week change +31bn.",
    "flows": "Net foreign purchases of US long-term securities were $301bn in 2026-08-01 with prior month $41bn and 12-month total +1,876bn. US-listed ETF net flow was −$201.9m for 5 trading days to 2026-11-11.",
    "positioning": "US 10-year Treasury Asset managers COT index 100 flag Crowded long. Euro Asset managers COT index 0 flag Crowded short and Soybeans Managed money weekly swing −4.9pp."
  },
  "liquidity": [
    {
      "series_id": "FED_NET_LIQUIDITY",
      "label": "Fed net liquidity (assets − TGA − reverse repo)",
      "unit": "$bn",
      "latest": 5844.345,
      "as_of": "2026-11-11",
      "change_1w": 53.600000000000364,
      "change_4w": -27.719999999999345,
      "change_13w": 49.06500000000051,
      "change_1y": 225.40600000000086
    },
    {
      "series_id": "FED_TOTAL_ASSETS",
      "label": "Fed balance sheet",
      "unit": "$bn",
      "latest": 6758.867,
      "as_of": "2026-11-11",
      "change_1w": 10.721999999999753,
      "change_4w": 3.2280000000000655,
      "change_13w": -1.087999999999738,
      "change_1y": 186.13500000000022
    },
    {
      "series_id": "TREASURY_GENERAL_ACCOUNT",
      "label": "Treasury General Account",
      "unit": "$bn",
      "latest": 914.37,
      "as_of": "2026-11-11",
      "change_1w": -42.805000000000064,
      "change_4w": 30.996999999999957,
      "change_13w": -49.58000000000004,
      "change_1y": -26.609000000000037
    },
    {
      "series_id": "ON_REVERSE_REPO",
      "label": "Overnight reverse repo",
      "unit": "$bn",
      "latest": 0.152,
      "as_of": "2026-11-10",
      "change_1w": -0.275,
      "change_4w": -0.12300000000000003,
      "change_13w": -1.098,
      "change_1y": -7.0
    },
    {
      "series_id": "BANK_RESERVES",
      "label": "Bank reserves",
      "unit": "$bn",
      "latest": 2960.603,
      "as_of": "2026-11-11",
      "change_1w": 30.514999999999873,
      "change_4w": -61.53699999999981,
      "change_13w": 16.54399999999987,
      "change_1y": 98.0340000000001
    },
    {
      "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": "$bn",
      "latest": 17367.153782470537,
      "as_of": "2026-10-01",
      "change_1w": -156.56570547112642,
      "change_4w": -156.56570547112642,
      "change_13w": -126.78488432038284,
      "change_1y": -1004.2557545675882
    },
    {
      "series_id": "FIN_CONDITIONS_NFCI",
      "label": "Chicago Fed financial conditions (NFCI)",
      "unit": "index",
      "latest": -0.462,
      "as_of": "2026-11-06",
      "change_1w": 0.0030000000000000027,
      "change_4w": 0.025999999999999968,
      "change_13w": 0.08200000000000002,
      "change_1y": 0.05199999999999999
    },
    {
      "series_id": "FIN_STRESS_STLFSI",
      "label": "St. Louis Fed financial stress",
      "unit": "index",
      "latest": -0.4918,
      "as_of": "2026-11-06",
      "change_1w": 0.03090000000000004,
      "change_4w": 0.22850000000000004,
      "change_13w": 0.27459999999999996,
      "change_1y": -0.03420000000000001
    }
  ],
  "flows": [
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES",
      "label": "Net foreign purchases of US long-term securities",
      "unit": "$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": -201.9,
    "by_class": [
      [
        "Credit",
        1747.0
      ],
      [
        "Treasuries",
        138.3
      ],
      [
        "International equity",
        0.0
      ],
      [
        "Gold & metals",
        -166.3
      ],
      [
        "US equity",
        -331.4
      ],
      [
        "Sector",
        -361.5
      ],
      [
        "Crypto",
        -1228.0
      ]
    ],
    "top_in": [
      [
        "IVV",
        "IVV",
        3687.6
      ],
      [
        "LQD",
        "LQD",
        1446.4
      ],
      [
        "XLK",
        "XLK",
        903.8
      ],
      [
        "BIL",
        "BIL",
        870.0
      ],
      [
        "IWM",
        "IWM",
        799.1
      ]
    ],
    "top_out": [
      [
        "SPY",
        "SPY",
        -5374.3
      ],
      [
        "IBIT",
        "IBIT",
        -982.3
      ],
      [
        "TLT",
        "TLT",
        -900.6
      ],
      [
        "XLF",
        "XLF",
        -738.5
      ],
      [
        "XLE",
        "XLE",
        -289.9
      ]
    ],
    "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": "2026-11-11"
  },
  "crypto_flows": {
    "btc": {
      "week_usd_m": -1437.9,
      "w4_usd_m": -1856.0,
      "last_date": "2026-11-11",
      "days": 5,
      "top_in": [
        [
          "MSBT",
          51.1
        ]
      ],
      "top_out": [
        [
          "IBIT",
          -1069.1
        ],
        [
          "FBTC",
          -193.9
        ],
        [
          "GBTC",
          -100.1
        ]
      ]
    },
    "eth": {
      "week_usd_m": -523.9,
      "w4_usd_m": -1478.0,
      "last_date": "2026-11-11",
      "days": 5,
      "top_in": [
        [
          "MSSE",
          1.6
        ]
      ],
      "top_out": [
        [
          "ETHA",
          -415.1
        ],
        [
          "ETHB",
          -45.9
        ],
        [
          "ETH",
          -28.9
        ]
      ]
    },
    "stablecoins": {
      "as_of": "2026-11-11",
      "supply_usd_bn": 289.47,
      "chg_7d_usd_bn": -4.35,
      "chg_28d_usd_bn": -14.5
    }
  },
  "positioning": [
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 930713.0,
      "net_pct_oi": 46.215561024345384,
      "ww_net": 4566.0,
      "ww_pp": -0.5928732647190529,
      "cot_index": 56.96287255403756,
      "percentile": 92.75700934579439,
      "flag": "",
      "as_of": "2026-11-03"
    },
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -366870.0,
      "net_pct_oi": -18.21732679462046,
      "ww_net": 33009.0,
      "ww_pp": 1.9929744805300267,
      "cot_index": 46.317590489394966,
      "percentile": 9.929906542056075,
      "flag": "",
      "as_of": "2026-11-03"
    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 74067.0,
      "net_pct_oi": 24.052725241608645,
      "ww_net": 7695.0,
      "ww_pp": 0.48889677628232064,
      "cot_index": 60.819516316400886,
      "percentile": 63.43457943925234,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": 6114.0,
      "net_pct_oi": 1.9854775018185598,
      "ww_net": 11733.0,
      "ww_pp": 3.980372218667059,
      "cot_index": 95.00645218706893,
      "percentile": 57.94392523364486,
      "flag": "Crowded long",
      "as_of": "2026-11-03"
    },
    {
      "report": "tff_fo",
      "code": "239742",
      "market": "Russell 2000",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 23623.0,
      "net_pct_oi": 5.256576004842023,
      "ww_net": 4021.0,
      "ww_pp": 0.9856062668044201,
      "cot_index": 20.752726724760585,
      "percentile": 39.211618257261414,
      "flag": "",
      "as_of": "2026-11-03"
    },
    {
      "report": "tff_fo",
      "code": "239742",
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      "group": "Leveraged funds",
      "group_key": "lev_money",
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      "ww_net": -6999.0,
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      "cot_index": 45.824316239631884,
      "percentile": 29.87551867219917,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "1170E1",
      "market": "VIX",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": -35514.0,
      "net_pct_oi": -9.566782141144651,
      "ww_net": 8910.0,
      "ww_pp": 2.174044347073293,
      "cot_index": 38.33599673591513,
      "percentile": 2.2753128555176336,
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    },
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      "report": "tff_fo",
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      "cot_index": 64.06482909554623,
      "percentile": 73.72013651877133,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "042601",
      "market": "US 2-year Treasury",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 1876612.0,
      "net_pct_oi": 42.03708540556814,
      "ww_net": 39121.0,
      "ww_pp": 1.4245862426870204,
      "cot_index": 50.770612355552544,
      "percentile": 87.14448236632536,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "042601",
      "market": "US 2-year Treasury",
      "group": "Leveraged funds",
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      "net_pct_oi": -32.500735857095435,
      "ww_net": -93234.0,
      "ww_pp": -2.4935769711586566,
      "cot_index": 81.33429595130481,
      "percentile": 23.890784982935152,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "043602",
      "market": "US 10-year Treasury",
      "group": "Asset managers",
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      "ww_net": 30072.0,
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      "percentile": 99.88623435722411,
      "flag": "Crowded long",
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    },
    {
      "report": "tff_fo",
      "code": "043602",
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      "group": "Leveraged funds",
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      "percentile": 7.053469852104665,
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    },
    {
      "report": "tff_fo",
      "code": "020601",
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      "percentile": 38.225255972696246,
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    },
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      "cot_index": 96.43302019579716,
      "percentile": 57.45164960182025,
      "flag": "Crowded long",
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    },
    {
      "report": "tff_fo",
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      "group_key": "asset_mgr",
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      "cot_index": 40.217463530684576,
      "percentile": 43.75,
      "flag": "",
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    },
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      "flag": "Crowded short",
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    },
    {
      "report": "tff_fo",
      "code": "099741",
      "market": "Euro",
      "group": "Asset managers",
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      "net": 144925.0,
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      "ww_net": -28324.0,
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      "percentile": 43.34470989761092,
      "flag": "Crowded short",
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    },
    {
      "report": "tff_fo",
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      "market": "Euro",
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      "percentile": 42.66211604095563,
      "flag": "Crowded short",
      "as_of": "2026-11-03"
    },
    {
      "report": "tff_fo",
      "code": "097741",
      "market": "Japanese yen",
      "group": "Asset managers",
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    },
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    },
    {
      "report": "tff_fo",
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      "market": "British pound",
      "group": "Asset managers",
      "group_key": "asset_mgr",
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      "percentile": 1.3651877133105803,
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    },
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      "market": "British pound",
      "group": "Leveraged funds",
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      "percentile": 60.637087599544934,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "133741",
      "market": "Bitcoin (CME)",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 2403.0,
      "net_pct_oi": 13.71027557482741,
      "ww_net": -351.0,
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      "percentile": 44.419642857142854,
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    },
    {
      "report": "tff_fo",
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      "market": "Bitcoin (CME)",
      "group": "Leveraged funds",
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    },
    {
      "report": "disagg_fo",
      "code": "067651",
      "market": "WTI crude",
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