$BTC Did US institutions run out of money? Is that the reason for the drop? Today's sudden continuous decline isn't just limited to stocks and cryptocurrencies—gold and silver are also falling, and the dollar is declining too. My first thought was whether institutions are exiting positions, and if so, what's the reason for their exit? Then it occurred to me that institutions probably don't have much cash left.

Last week we looked at the allocation of global fund managers and learned that their cash allocation hit a historic low at 3.2%, which indicates that fund managers no longer have sufficient cash reserves to continue driving market gains. We also saw extensive data showing that the primary buyers of ETFs currently are retail investors, which means retail investors have become the "bag holders" for institutions. This logic makes sense.