According to The Kobeissi Letter, institutional investors sold a net USD 800 million of US equities last week, marking their fourth weekly sale in the last five weeks. Source: The Kobeissi Letter, X, Oct 23, 2025. Hedge funds recorded net outflows of USD 400 million, their sixth straight weekly outflow. Source: The Kobeissi Letter, X, Oct 23, 2025. Retail investors continued buying with USD 400 million in net purchases, their second consecutive weekly buy. Source: The Kobeissi Letter, X, Oct 23, 2025. In total, investors sold USD 800 million of US equities, taking the four-week average outflow to USD 1.2 billion and marking the fourth weekly outflow in the last five weeks. Source: The Kobeissi Letter, X, Oct 23, 2025. The S&P 500 is within 1 percent of a record high as institutions sold into weakness while retail bought the dip. Source: The Kobeissi Letter, X, Oct 23, 2025. For crypto traders, stronger co-movement between US equities and crypto has been documented, indicating equity risk sentiment can align with crypto performance, which is relevant as the S&P 500 nears all-time highs. Source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 2022.