According to @KobeissiLetter, global managers’ cash allocation fell by 0.4 percentage points in December to 3.3%, the lowest since the data began in the 1990s, and is down 1.5 percentage points since April (source: @KobeissiLetter). According to @KobeissiLetter, this positioning indicates institutions are “all-in on stocks,” reflecting an elevated risk-on stance in equities (source: @KobeissiLetter). Based on @KobeissiLetter data, independent analysis highlights that this equity risk-on backdrop is a cross-asset signal crypto traders monitor for liquidity and beta sensitivity in BTC and ETH (source: @KobeissiLetter).

According to The Kobeissi Letter, global fund managers reduced cash allocation by another 0.1 percentage points in November to 3.7 percent, the lowest level in 15 years, indicating institutions are deploying cash, source: The Kobeissi Letter on X, Nov 23, 2025. Cash levels have remained at or below 4 percent of AUM for the fifth consecutive month, reinforcing a risk-on stance among institutional portfolios, source: The Kobeissi Letter on X, Nov 23, 2025.