Institutional money managers just hit a 14-year low in cash positioning at 3.7% of total assets this November. That's the fifth month in a row we're seeing sell signals flash across global equity markets.

When the smart money sits at near-record low cash levels while warning lights keep blinking, it usually means one of two things: either they're supremely confident about what's ahead, or they're caught in a momentum trap. Historical patterns suggest the latter tends to precede choppier waters.

For those tracking correlations between traditional finance and digital assets, this kind of institutional cash crunch often ripples through to crypto markets within weeks. Worth watching how this plays out into year-end positioning.