A month ago, when looking at the cash allocation of global fund managers, it was already at a historical low of 3.3%. Now, more than a month later, the cash allocation of global fund managers has once again hit a historic low of 3.2%. This means that the cash reserves of global fund managers are already extremely low. The lower the proportion of cash, the fuller the institution's position, the higher its risk appetite, and the more dependent the market's pricing is on the "continued tailwind". Once the wind direction does not change, low cash will become a support force, because everyone is in the car, and a slight drop will make some people unable to resist buying up. But once the wind changes, low cash can also instantly become a weak point, because without a cash buffer, assets can only be sold for cash, and redemption, stop loss, and risk budget contraction will trigger a chain reaction. Of course, this is not an immediate peak signal. Last December was already a historic low, and a month later, the US stock market hit a new high. However, the corresponding new high is that there are very few bullets left for fund managers to shoot out. Continuing to break through depends not on institutions continuing to increase their holdings, but on external new funds or leveraging to further increase risks. And if there are uncontrollable negative situations, the impact may be even greater, as the market no longer has much cash to take over. To put it simply, the future market will become more and more like a game of risk premium, where positive news can only be driven by incremental gains, while negative news may be amplified due to crowding. The best scenario at present is the emergence of FOMO sentiment in the market, an increase in the purchasing power of individual investors, fund managers selling a portion to individual investors, and then fund managers continuing to accumulate funds and enter again when there is obvious positive news. This way, the price may be able to continue moving forward. The worst scenario is for the situation to happen again in April, where fund managers clear a large amount of assets and hoard cash again, waiting for better institutions to come back. @bitget VIP， Lower rates and more generous benefits