According to @KobeissiLetter, global managers’ cash allocation fell by 0.4 percentage points in December to 3.3%, the lowest since the data began in the 1990s, and is down 1.5 percentage points since April (source: @KobeissiLetter). According to @KobeissiLetter, this positioning indicates institutions are “all-in on stocks,” reflecting an elevated risk-on stance in equities (source: @KobeissiLetter). Based on @KobeissiLetter data, independent analysis highlights that this equity risk-on backdrop is a cross-asset signal crypto traders monitor for liquidity and beta sensitivity in BTC and ETH (source: @KobeissiLetter).