[SMART MONEY] News that shows why REAL YIELD matters 👇 "Fund managers' cash allocation has dropped to 3.9%, the second-lowest in 12 years, according to a BofA survey of 175 participants with $434 billion in assets." - @KobeissiLetter Global fund managers are going risk-on. According to BofA’s latest survey, Cash allocations just dropped to 3.9%, the second-lowest in 12 years. Risk levels in portfolios? Highest on record since 2001. That’s not a fluke. It’s the third straight month of rotation out of cash. Tech stocks saw their biggest 3-month allocation spike since 2009. This is what strong bull market sentiment looks like . . . When cash gets sidelined and risk appetite climbs, it’s not just price action, it’s positioning. And positioning this aggressive usually signals conviction. This backdrop matters more than most realize . . . When TradFi goes risk-on, onchain liquidity tends to follow As portfolios stretch for return, institutional allocators step to the plate on upcoming mandates with a vibe. Where can I increase exposure? Where can I find asymmetric upside? This is macro tailwind season . . . And it sets the stage for yield-bearing crypto products to benefit as capital rotates further out the risk curve. Cash is out. Conviction is in. And in a market like this, understanding where the flows goes next is everything. [LFG] Source in 🧵