When that many people are leaning the same way, any hint of disappointment could blow up the trade and send yields swinging hard.
Investors are betting Treasury yields will fall:
Open interest in the US 10-year note March call options is up to a record ~171,150 contracts.
These contracts pay off if 10-year Treasury prices increase, which would imply lower yields.
The number of open positions has surged… pic.twitter.com/rZpS1vkzoT
— The Kobeissi Letter (@KobeissiLetter) December 31, 2025