Is the crowd already in this trade — and is it the regime to fade it?

The cross-asset positioning read in one number: AtlasVector fuses COT net-positioning, perp funding, futures basis and on-chain flow into a single crowding index, then gates it by the macro regime — in risk-off stress a crowded-long carry trade flips to a sell — and shrinks conviction once the book is one-sided. Notes cover every axis. The index publishes only from real positioning reads — never an estimate.