According to @KobeissiLetter, citing Bank of America’s Global Fund Manager Survey, global managers’ cash allocations dropped to 3.9% in September, one of the lowest readings in 12 years and below 4% for a third straight month (BofA Global Fund Manager Survey). According to @KobeissiLetter, the same BofA survey shows global equities positioned at a net 28% overweight, the highest in seven months, and 42% of respondents calling “Long Magnificent 7” the most crowded trade (BofA Global Fund Manager Survey). According to @KobeissiLetter, the BofA survey also finds 48% of managers do not see an AI-stock bubble versus 42% who do, underscoring divided sentiment within a risk-on positioning backdrop (BofA Global Fund Manager Survey). According to @KobeissiLetter, BofA’s FMS framework historically flags sub-4% cash as a sell signal for equities, indicating stretched risk appetite that traders monitor for reversal risk (BofA Global Fund Manager Survey). For crypto traders, this matters because cross-asset spillovers have risen as BTC and equities correlations increased in recent years, heightening sensitivity of BTC and ETH to equity de-risking episodes (IMF analysis on rising crypto–equity correlation).