According to @KobeissiLetter, global managers cut cash to 3.8% in October, the lowest in 12 years, with cash at or below 4% of AUM for a fourth straight month and only a few instances since 1999 when levels were this low, source: @KobeissiLetter. 45% of managers are net overweight global stocks, the most since January 2025, while a record net 60% say global equities are overvalued, 20 percentage points above the 2000 Dot-Com Bubble level, source: @KobeissiLetter. For traders, this extreme equity exposure signals limited incremental buying power and elevated fragility across risk assets, so crypto desks may monitor equity volatility for spillover risk to BTC and ETH, interpretation based on @KobeissiLetter.