According to @KobeissiLetter, cash levels in US equity mutual funds declined to 1.2% of total assets, the lowest in at least 20 years, and below both the February low of 1.3% and the 1.5% low seen before the 2022 bear market (source: @KobeissiLetter, Nov 25, 2025). For crypto-focused traders monitoring cross-asset risk appetite, the source highlights a multi-decade low cash balance in equity funds but does not provide crypto-specific implications (source: @KobeissiLetter).