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.