$BTC Are US institutions running out of money? Is that the reason for the decline? Today's sudden continuous drop isn't 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 if so, what's causing them to leave. Then it occurred to me that institutions probably don't have much cash left.

Last week, we looked at global fund manager allocations and saw that cash allocation hit a historic low of 3.2%, which indicates that fund managers' cash reserves are no longer sufficient to continue driving market gains. We've also seen substantial data showing that retail investors are currently the main buyers of ETFs. This means retail investors have become the "bag holders" for institutions—this logic holds up.