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CME Group reports that foreign exchange (FX) positioning has reached unprecedented levels, despite ongoing low volatility in the market.
The number of clients holding large positions in FX futures surged to a new record of 1,355 as of October 2025.
Chief Economist Erik Norland from CME Group suggests that this rising trend in large open interest holders could signify potential market implications.
The surge in large FX positions at CME Group underscores a broader pattern of innovation and shifting market dynamics seen across asset classes. Notably, the introduction of XRP and SOL futures with spot pricing illustrates CME’s continued expansion into digital asset derivatives, while recent developments such as China’s commitment to U.S. soybean purchases have demonstrated how external factors can rapidly influence market participation and volatility.