According to @KobeissiLetter, hedge funds’ short positioning in S&P 500 futures has reached a record $180 billion, signaling the largest bearish exposure on record in this contract (source: @KobeissiLetter, X, Sep 5, 2025). Since April’s low, short exposure has increased by roughly $75 billion, underscoring a rapid build-up in negative equity bets over recent months (source: @KobeissiLetter, X, Sep 5, 2025). This new peak surpasses the prior record near $170 billion set in January, marking a fresh high in aggregate notional shorts (source: @KobeissiLetter, X, Sep 5, 2025). Short exposure now stands at approximately 27% of open interest, the highest share since mid-2023, indicating elevated bearish positioning relative to total activity (source: @KobeissiLetter, X, Sep 5, 2025). For context, this share was about 31% near the low of the 2022 bear market, highlighting that current positioning is approaching prior stress-period levels (source: @KobeissiLetter, X, Sep 5, 2025). The source does not mention direct cryptocurrency market impacts or specific digital assets (source: @KobeissiLetter, X, Sep 5, 2025).