Hedge funds have reduced their exposure to the so-called Magnificent 7 stocks to the lowest level in at least five years, while simultaneously increasing their net leverage and buying global tech stocks at the fastest pace in the same period. Over the past month, hedge funds shifted from shorting U.S. ETFs at record speeds to significantly decreasing their short positions. Meanwhile, retail investors have purchased a record $50 billion in U.S. equities since April 8, raising their market share to 36% in late April, well above the 10-year average of 12%. Despite this surge in stock market participation, retail demand for Bitcoin, particularly from smaller investors holding less than $10,000, has declined by approximately 2.45% over the past 30 days, indicating a lack of retail euphoria in the cryptocurrency market. In contrast, Americans have increased their 401(k) holdings to record levels, benefiting from market patience. The crypto market has seen substantial volatility recently, with over 104,000 traders liquidated in the past 24 hours, amounting to $275.59 million in losses. Notably, $262 million in long cryptocurrency positions were liquidated within a single hour, underscoring the current market turbulence.