IDEN

Flows & positioning

Where money is moving and how investors are positioned.

Foreign flows into Asian markets

Foreign investors in Asian stock markets
MarketUnitLast dayAs ofWeek to dateMonth to dateYear to dateLast 20 daysDays in a row (− = selling)Source
Korea: foreign net buying (KOSPI)KRW tn−3.328 Sep 2026−3.3−7.3–−18.1−4Naver Finance
Taiwan: foreign net buying (TWSE)TWD bn−33.024 Sep 2026+70.1+27.0–+103−1TWSE
China: southbound (mainland into HK)HKD bn−6.628 Sep 2026−6.6+53.9+428+56.0−1Eastmoney
Indonesia: foreign holdings of tradable SBNIDR tn+90825 Sep 2026−4.2+0.38+29.5+0.87–DJPPR
Crypto liquidity: stablecoin supplyUSD bn+31128 Sep 2026–+4.2+4.8––DefiLlama
US liquidity: Fed net liquidityUSD bn+5,77023 Sep 2026–−9.3+72.8––FRED
US bank reserves at the FedUSD bn+2,93023 Sep 2026–+5.3−27.2––FRED

Net buying by foreign investors; negative = net selling.

Source: DJPPR; DefiLlama; Eastmoney; FRED; Naver Finance; TWSE
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Korea and Taiwan: cumulative foreign buying
−10.000.00KOSPI foreign net… −10.26100200300TWSE foreign net … 272Jul 26Aug 26Sep 26
Source: Naver Finance (investor flows); TWSE BFI82U · As of 28 Sep 2026
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Futures positioning

How large speculators and asset managers are positioned in futures, from the weekly CFTC report.

Futures positioning (CFTC)
Market and trader groupNet position (contracts)Weekly changeAs ofPercentile in stored historyHistory sinceWeeksLowestHighest
Bitcoin (CME): asset managers net3,171+41122 Sep 202697 Sep 20212644819,802
Bitcoin (CME): dealers net3,647+22822 Sep 2026677 Sep 2021264−5,79211,627
Bitcoin (CME): leveraged funds net−7,953−1,59922 Sep 2026517 Sep 2021264−23,197−1,197
Copper: speculators (non-commercial) net90,522+15,38822 Sep 202610024 Aug 2021266−35,70292,476
E-mini Nasdaq-100: asset managers net72,220+5,40922 Sep 20266714 Sep 2021263−13,19899,783
E-mini Nasdaq-100: dealers net−58,404+20,82522 Sep 20262914 Sep 2021263−105,84689,515
E-mini Nasdaq-100: leveraged funds net−30,683−24,29622 Sep 20265314 Sep 2021263−89,12517,619
E-mini S&P 500: asset managers net934,455+29,77122 Sep 20267114 Sep 2021263180,1881,102,460

100 = the most long in the stored history, 0 = the most short. Extreme readings can mean a crowded trade.

Percentile: share of stored weekly readings at or below the latest net position × 100; the window is the stored history shown in 'History since'

Source: CFTC Commitments of Traders (stored weekly) · As of 22 Sep 2026
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Foreign holders of US Treasuries

Who holds US Treasuries (TIC, 2026-07) 16 rows
CountryHoldings (USD bn)1 month change12 month changeShare of foreign holdings (%)
Japan1,103.9−12.8−51.511.9
United Kingdom998.3+58.4+10210.8
China, Mainland618.0−15.4−77.66.7
Belgium470.7−11.8+45.35.1
Cayman Islands460.1+7.0+23.35.0
Luxembourg442.1+7.9+38.34.8
Canada426.3−33.3+44.54.6
Ireland350.2−3.3+30.03.8
France348.4−41.5−42.63.8
Taiwan296.1−6.4−12.73.2
Switzerland284.8−0.10−18.43.1
Singapore277.7−6.7+25.33.0
Hong Kong258.3+2.5+10.82.8
Norway206.9+3.7−1.12.2
India202.6+16.2−17.12.2
Brazil168.0−0.40−33.81.8
Source: US Treasury TIC major foreign holders (via the cockpit file)
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Liquidity

Dollar liquidity
SeriesLevelUnit1W1M3MYTDChange unitAs ofSource
Stablecoin supply311.5USD bn+0.91+1.4+0.41+1.6%28 Sep 2026DefiLlama
Fed balance sheet (USD mn)6,747.7–+1.1+2.0+12.1+107–23 Sep 2026FRED WALCL
Treasury General Account (USD bn)977.1–+100+23.5+58.4+140–23 Sep 2026FRED WTREGEN
Overnight reverse repo (USD bn)0.6–0.00−0.13−5.8−105–25 Sep 2026FRED RRPONTSYD
Bank reserves (USD bn)2,930.2–−83.6−5.1−21.2−27.2–23 Sep 2026FRED WRESBAL
Fed net liquidity (balance sheet - TGA - RRP)5,770.2USD bn−94.0−21.6−42.3+72.8USD bn23 Sep 2026Computed from FRED WALCL, WTREGEN, RRPONTSYD

Net liquidity = Fed balance sheet − Treasury General Account − overnight reverse repo.

Change: Change over the range: % for prices and FX, basis points for yields and spreads; base = the last reading on or before the range start.

Source: Computed from FRED WALCL, WTREGEN, RRPONTSYD; DefiLlama; FRED RRPONTSYD; FRED WALCL; FRED WRESBAL; FRED WTREGEN
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Fed net liquidity and the S&P 500 (two axes)
5,6005,8006,0006,5007,0007,500S&P 500 7,719Fed net liquidity… 5,770Oct 25Jan 26Apr 26Jul 26Oct 26
Source: Computed from FRED WALCL, WTREGEN, RRPONTSYD; Yahoo Finance ^GSPC · As of 14 Oct 2026
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Foreign money in Indonesian bonds

Foreign holdings of tradable Indonesian government bonds
880.0900.0920.0Foreign holdings … 908.2
Source: DJPPR daily ownership file · As of 25 Sep 2026
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