According to The Kobeissi Letter, a net 38% of institutional investors were underweight US equities in early May 2025, marking the lowest allocation since May 2023 and, except for 2023, the lowest since before the 2008 financial crisis (source: BofA via @KobeissiLetter). This ongoing bearish sentiment signals a significant reduction in institutional exposure to US stocks, which could prompt increased capital rotation into alternative assets such as Bitcoin, Ethereum, and other cryptocurrencies. Crypto traders should monitor shifts in institutional asset allocation closely, as further outflows from equities may drive volatility and trading opportunities in the digital asset market.