I have been talking about the high correlation between the trends of the US stock market, especially technology stocks and BTC, but can the US stock market continue to rise? Recently, I saw three good data points. Although they are included in my daily homework, I still want to share them in detail. Firstly, there is the cash allocation of global fund managers. According to the latest data, this figure has dropped to 3.8%, while the historical low point of this figure is 3.5%. This indicates that there are not many bullets left in the hands of global fund managers, which is both good and bad. The good news is that more of these funds have been spent on US stocks, especially AI led technology stocks. However, the bad news is that this fund has limited funds and does not have enough ability to continue to push up stock prices in the market. This also indicates that it is highly likely that these fund managers will sell some of their chips in a short period of time, which may be a scary thing for some investors and may trigger a bear market. However, historically, fund managers themselves are not holders of large cycles. Even in 2025, there were two significant reductions in holdings. The first was in January and February, when cash allocation decreased from 4.2% to 4%, and the second was in April, when cash allocation decreased from 4% to 3.8%. And now it is still 3.8%, with the highest return to 4.1% from June to July. That is to say, even if fund managers reduce their holdings, it does not necessarily mean that the market will enter a bear market. A short-term pullback is possible, but in the long run, it may not necessarily be a change of hands for fund managers. The last time it was from 3.8% in April to 4.1% in June, and this 3.8% may also be such an operation form, because the core of this week's monetary policy is still the Federal Reserve's monetary policy, rather than the so-called "carving a boat and seeking a sword". In addition, investors have bought over $3.9 billion worth of US stocks since last week. The net inflow of funds into individual stocks reached $4.1 billion, marking the fifth high since 2008 and the highest historical record for the S&P 500 during a week when it fell at least 1%. This indicates that current investors are buying at low prices to buy at the bottom, and this buying is driven by institutions, with institutional inflows of $4.4 billion, the highest amount of funds since November 2022. Among them, retail investors bought over 1.1 billion US dollars, marking their second weekly net buying in six weeks. Hedge funds sold $1.6 billion, marking the fifth consecutive week of selling. It is worth noting that the statistics of 'hedge funds' here are likely to overlap with the sample of global fund managers, so their selling behavior can also represent to some extent the adjustment tendency of global fund positions, and this is not the end. This refers to the US stock market, and when it comes to technology stocks, there is also a set of data. Investors in technology stocks had a net inflow of $10.4 billion this week, compared to $9.2 billion last week, with nearly $20 billion in net inflows for two consecutive weeks, setting a record for the largest two-week net inflow in history. At the same time, this is also the fourth consecutive week of significant capital inflows into technology stocks. Therefore, even from these three data alone, we can see that there are indeed some risks in the market, and the risk is that fund managers who no longer have enough funds may reduce their holdings, or even start doing so. However, institutions and retail investors continue to buy when US stocks, especially technology stocks, fall. The reduction of fund managers' holdings is likely to be the purchase of these investors. Next week, the seven sisters' financial reports will be released in succession. If the financial reports are not too problematic, it should have a good stimulating effect on the market. This article is sponsored by Bitget | @ Bitgetzh