According to @KobeissiLetter, households, mutual funds, pension funds, and foreign investors now allocate a record 55 percent of financial assets to US equities, source: @KobeissiLetter. This share has risen 4 percentage points over the last six months and exceeds the roughly 51 percent peak during the 2000 Dot-Com Bubble, source: @KobeissiLetter. Cash allocations are down to 13 percent near an all-time low, while allocation to debt instruments such as bonds is 17 percent, the lowest since the 1980s, source: @KobeissiLetter. For crypto traders, elevated equity positioning is relevant because prior research found BTC returns became more correlated with US equities in 2020–2022, raising cross-asset spillover risk, source: IMF Global Financial Stability Note and blog Crypto Prices Move More in Sync With Stocks (2022).