According to The Kobeissi Letter, the latest AAII Survey reports that individual investors have reduced their stock allocations by approximately 6 percentage points over the past two months, bringing exposure down to 64%. This is the lowest level since the 2022 bear market and matches the long-term average (Source: The Kobeissi Letter on Twitter, May 13, 2025). This shift in portfolio allocation signals a growing risk-off sentiment, which could lead to increased flows into alternative assets such as cryptocurrencies. Historically, reduced equity allocations have sometimes preceded higher interest in digital assets as investors seek diversification and potential returns outside traditional markets.