According to @KobeissiLetter, institutional investors’ cash allocation has fallen to 3.8%, a 12-year low, signaling reduced preference for cash versus risk assets (source: @KobeissiLetter). According to @KobeissiLetter, global debt jumped by $14 trillion in Q2 2025 to a record $337.7 trillion, while rate cuts are expected to arrive into a stagflation backdrop and the Federal Reserve’s independence may erode (source: @KobeissiLetter). According to @KobeissiLetter, this macro mix is pushing flows toward stocks at record highs, gold, silver, and crypto, with the stance summarized as “own assets” (source: @KobeissiLetter). According to @KobeissiLetter, corporations are investing hundreds of billions into AI and governments are likely to join the AI arms race, implying additional money printing that could support hard assets and digital assets (source: @KobeissiLetter). For traders, according to @KobeissiLetter, the thesis implies potential tailwinds for the crypto market as fiat purchasing power erodes and liquidity stays loose, making rotation into digital assets a key risk-on theme to monitor (source: @KobeissiLetter).