Hedge funds are painting a dark picture for the Japanese Yen right now. The numbers tell the story: leveraged funds were sitting on roughly 85,000 net short contracts during the week ending December 14th—that's the second-highest bearish bet since July 2024. What's more striking? This isn't some one-off move. We're looking at back-to-back weeks of heavily tilted short positions. The consistent flow into Yen shorts suggests institutional traders are betting big on further weakness. For crypto markets and traders monitoring macro correlations, this kind of sustained currency pressure could have ripple effects across risk assets.