$BTC Are U.S. institutions out of cash? Is that the reason for the decline? Today's sudden consecutive downturn isn't just affecting stocks and cryptocurrencies—gold and silver are also falling, and the dollar is declining too. My first thought was whether institutions are exiting positions. So what's the reason for their exit? Then it occurred to me: institutions probably don't have much cash left.

Last week, we looked at global fund manager allocations and saw that cash positions hit a historic low of 3.2%. This indicates that fund managers have insufficient cash to continue driving market gains. At the same time, we've seen substantial data showing that retail investors are now the primary buyers of ETFs. This means retail investors have become the "bagholder" for institutions—which logically makes sense.