The latest Commitment of Traders (CoT) report from ICE, released on Wednesday morning, shows that investment funds reduced their net long positions—the difference between long and short holdings—for a second consecutive week.

According to market data available as of last Friday, net long positions fell by 2.27 million allowances from the previous week, a decline of 5.8%, bringing the overall net long position to 36.4 million allowances, a level last seen in early May.

The decrease in net length reflected movements on both sides of the market. Investment funds reduced their long positions by around 1 million allowances to 58.96 million allowances, their lowest level in a year. Meanwhile, they added around 1.2 million allowances to their short positions, bringing the total to 22.5 million allowances, a level last seen in late May.

The decline in net length reflected both an unwinding of bullish positions and an increase in bearish bets, with the latter making a slightly larger contribution to the overall move.

At 36.4 million allowances, investment funds’ net long position is now nearly 90 million allowances, or around 71%, below the January peak of 126 million allowances, highlighting the substantial reduction in speculative net bullish exposure since the start of the year.