According to @lisaabramowicz1, the November Bank of America Global Fund Manager Survey shows investors holding about 3.7% cash, among the lowest in modern history, indicating very low liquidity buffers among funds (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1). BofA reports that cash levels at 3.7% or lower have occurred 20 times since 2002 and, on every occasion, equities fell while US Treasuries outperformed over the subsequent 1 to 3 months (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1). This points to crowded risk-on positioning and historically elevated near-term drawdown risk for stocks with a relative tilt toward duration, based on BofA’s historical hit rate (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1). The source did not provide cryptocurrency specific data; any crypto desk read-through would rely on the same cross-asset risk sentiment indicated by the survey’s equity downside and Treasury outperformance signals (source: Bank of America Global Fund Manager Survey via @lisaabramowicz1).

According to @KobeissiLetter, citing Bank of America’s Global Fund Manager Survey, global managers’ cash allocations dropped to 3.9% in September, one of the lowest readings in 12 years and below 4% for a third straight month (BofA Global Fund Manager Survey). According to @KobeissiLetter, the same BofA survey shows global equities positioned at a net 28% overweight, the highest in seven months, and 42% of respondents calling “Long Magnificent 7” the most crowded trade (BofA Global Fund Manager Survey). According to @KobeissiLetter, the BofA survey also finds 48% of managers do not see an AI-stock bubble versus 42% who do, underscoring divided sentiment within a risk-on positioning backdrop (BofA Global Fund Manager Survey). According to @KobeissiLetter, BofA’s FMS framework historically flags sub-4% cash as a sell signal for equities, indicating stretched risk appetite that traders monitor for reversal risk (BofA Global Fund Manager Survey). For crypto traders, this matters because cross-asset spillovers have risen as BTC and equities correlations increased in recent years, heightening sensitivity of BTC and ETH to equity de-risking episodes (IMF analysis on rising crypto–equity correlation).