Bond traders are exhibiting unprecedented bullish sentiment towards 10-year Treasuries, with open interest in 10-year note futures soaring to nearly 5 million contracts as of August 15, 2024. This surge indicates expectations for further gains in the bond market. Additionally, overall open interest in Treasury futures has reached a historic milestone, surpassing 22 million contracts for the first time. Concurrently, short bets against major S&P 500 stocks have increased in anticipation of a market sell-off in August. Notably, the Commodity Futures Trading Commission (CFTC) has reported that short positions in five-year Treasury futures have also reached record levels.