According to @KobeissiLetter, individual investors sold 0.9 billion dollars of equities last week, the first weekly sale in eight weeks and only the third week of selling in the past 37 weeks; source: Bank of America flow data cited by The Kobeissi Letter. Hedge funds sold 2.0 billion dollars of equities in the same period; source: Bank of America flow data cited by The Kobeissi Letter. Elevated stock‑crypto correlations since 2020 mean broad equity de‑risking can coincide with higher BTC and ETH volatility; source: IMF Global Financial Stability research on stock–crypto linkages published in 2022.