$BTC Are US institutions running out of cash? Is that the reason for the decline? Today's sudden consecutive decline is not just in stocks and cryptocurrencies—gold and silver are also falling, and the dollar is declining too. My first thought was whether institutions are exiting the market, and then what would be the reason for their exit. Then I realized institutions probably don't have much cash left.

Last week we looked at the allocation of global fund managers and saw that cash allocation hit a historic low at 3.2%, which indicates that the cash in fund managers' hands is no longer sufficient to continue driving market gains. At the same time, we've seen a lot of data showing that the main buyers of ETFs currently should be retail investors, which means retail investors have become the "bag holders" for institutions. This logic makes sense.