Hedge funds are selling U.S. equities at an unprecedented rate, marking the fastest rotation out of these stocks in history. Institutional investors have sold U.S. stocks for the fourth consecutive week and in nine of the last ten weeks. According to Bank of America, this trend has been characterized as a 'bull crash,' with the Global Fund Manager Survey indicating the largest pullback in investor sentiment since March 2020. Fund cash levels have risen to 4.1% in March, up from a 15-year low of 3.5% in February, signaling a 'sell signal' for stocks that was triggered in December. Despite the increase in cash allocation, it remains below the peaks observed during the 2020 crash and the 2022 bear market. Additionally, retail outflows from U.S. equities have been reported over the last two weeks, further underscoring the shift in investor sentiment.