$BTC Are US institutions running out of money? Is that the reason for the decline? Today's sudden continuous drop isn't just affecting stocks and cryptocurrencies—gold and silver are falling too, and the dollar is declining as well. My first thought was whether institutions are exiting the market, and if so, what's the reason for their exit? Then I realized that institutions probably don't have much cash left.

Last week we reviewed the allocation of global fund managers and saw that cash allocation hit a historic low at 3.2%. This suggests that the cash in fund managers' hands is no longer sufficient to continue driving market growth. At the same time, we observed substantial data showing that the primary buyers of ETFs currently are retail investors. This means retail investors have become the "bag holders" for institutions—logically, this makes sense.