This is going to be a big tail risk for risky assets.

JP Morgan estimates $165 billion in equity outflows next quarter.
That's the biggest quarterly outflow in the past 4 years.
From the asset manager perspective, this is an act of rebalancing.
As their equity holdings experience massive gains from the stock market rallying, their exposure increases.
So they scale things down, bringing their composition back to a normal level across other asset classes like bonds.
The problem is, an outflow this big will hit not just the equity market, but also Bitcoin, as a risk-off sentiment play.