According to @lisaabramowicz1, the November Bank of America Global Fund Manager Survey shows investors holding about 3.7% cash, among the lowest in modern history, indicating very low liquidity buffers among funds (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1). BofA reports that cash levels at 3.7% or lower have occurred 20 times since 2002 and, on every occasion, equities fell while US Treasuries outperformed over the subsequent 1 to 3 months (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1). This points to crowded risk-on positioning and historically elevated near-term drawdown risk for stocks with a relative tilt toward duration, based on BofA’s historical hit rate (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1). The source did not provide cryptocurrency specific data; any crypto desk read-through would rely on the same cross-asset risk sentiment indicated by the survey’s equity downside and Treasury outperformance signals (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1).