$INIT
INIT
0.0883
-1.45%
The January 2026 Bank of America Global Fund Manager Survey confirms$SOPH
SOPHUSDT
Perp
0.012479
+4.32%
institutional cash levels have plummeted to 3.2%, the lowest since the 1990s. $ERA
ERA
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This falls well below the 4% "sell signal" threshold, marking the longest streak of ultra-low cash on record.
With fund managers the most bullish since 2021, the market faces "crowded trade" risk. Historically, such extreme positioning leaves little "dry powder" to absorb shocks, often making crypto—the market's high-beta pulse—the first to react violently to any volatility.