According to The Kobeissi Letter, hedge funds purchased a record volume of global equities in May 2025, as reported by Goldman Sachs. This aggressive buying follows four consecutive months of net selling, including a near-record sell-off in March. The recent surge in hedge fund activity indicates renewed institutional risk appetite, which could drive increased market volatility and liquidity. For crypto traders, this shift in traditional equity flows may signal a potential spillover of risk-on sentiment into digital assets like BTC and ETH, as institutional capital allocation patterns often influence crypto demand. Source: The Kobeissi Letter via Twitter, Goldman Sachs.