Here's something striking: global investors are sitting on just 3.3% of their portfolios in cash right now—a record low. That's per Bank of America's latest Global Fund Manager Survey from December. When cash allocation hits this floor, it tells you something about where capital is hunting for returns. With virtually no cushion in dry powder, money gets pushed into riskier territory—equities, emerging markets, alternative assets. For crypto markets, this kind of positioning matters. A world where institutional investors are fully deployed and cash-starved tends to move differently than one with defensive buffers intact. The pressure to chase yield becomes real.