Recently, there is an interesting phenomenon: almost all mainstream assets are rising, except for the cryptocurrency market which remains stagnant. How should this be understood?

According to the latest global fund manager survey data, the current optimism among global investors has reached a new high since July 2021. More importantly, global growth expectations have significantly increased, and the cash holdings of institutional investors have fallen to a historic low of 3.2%.

What does this mean? It indicates that investors are making large-scale bets on risk assets, with traditional financial markets such as stocks, commodities, and bonds all absorbing funds. But why hasn't the crypto market caught up with this wave? On one hand, market sentiment is polarized; on the other hand, the volatility characteristic of digital assets causes institutional investors to remain cautious.

However, from these macro indicators, the overall environment for risk appetite is improving. When the cash ratio drops to a historic low, it suggests that everyone has already used up their ammunition. The crypto market will eventually be swept up in this wave.